Fresh currency notes: SBP to facilitate public during Ramazan

RECORDER REPORT

KARACHI: The State Bank of Pakistan (SBP) has decided to fully utilize the large network of over 10,000 branches of commercial banks for distribution of fresh currency notes to the general public during the holy month of Ramazan-.

For this purpose, the SBP Banking Services Corporation (SBP BSC) has made elaborate arrangements for the supply of adequate quantity of fresh currency notes particularly of small denominations (Rs 10 to Rs100) to commercial banks depending upon their branch network.

The branches of commercial banks will issue only one packet each of Rs 10 and Rs. 20 per person to the visiting general public/account holders from 1st August, 2012 till the last working day before Eid-ul-Fitr 2012 (or until the stock ends) on presentation of original Computerised National Identity Card along-with the photocopy of it for record.

Banks’ branches, however, may also issue a maximum of 5 packets each of Rs 10 & Rs 20 denomination fresh notes to their corporate clients on receipt of request on the company’s letter head duly signed by the authorised representative.

With a view to redressing the grievances of general public, if any, in obtaining fresh currency notes from commercial banks, the SBP BSC has established a Help Desk which may be contacted at the telephone numbers 021-32455470 and 021-32455454. Complaints may also be lodged at the following email address: [email protected] or with the Chief Spokesperson, State Bank of Pakistan, at his email address: [email protected]

The SBP BSC has put in place a mechanism for penalising the banks in case any irregularity is committed by them in issuance of fresh currency notes. Penalty will also be imposed on banks found violating SBP instructions with regard to issuance of notes to the general public during the holy month of Ramazan.