SBP to utilize branch network for distribution of new notes

KARACHI: The State Bank of Pakistan (SBP) has decided to fully utilize the large network of over 9,000 branches of commercial banks for distribution of fresh currency notes of all denominations to the general public during the holy month of Ramadan.

The Central Bank announced on Tuesday that 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 Rs. 100) 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/- denomination fresh currency notes per person to the visiting general public/ account holders from 18th August, 2011 till the last working day before Eid-ul-Fitr, 2011 (or until the stock ends), on presentation of original Computerized National Identity Card (CNIC) along-with a photo copy of it for record.

It said that branches, however, may also issue a maximum of five packets each of Rs.10/-and Rs.20/- denomination fresh currency notes to their corporate clients on receipt of request on the company's letter head duly signed by the authorized representative.

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

The SBP BSC has put in place a mechanism for penalizing the banks in case any irregularity is committed by them in issuance of the fresh currency notes. Penalty will also be imposed on banks found violating SBP instructions with regard to the issuance of fresh currency notes to the general public on the eve of Eid-ul-Fitr, 2011.

It may be pointed out that the currency note of Rs.5 denomination will cease to be the legal tender with effect from 1st January, 2012.

Copyright APP (Associated Press of Pakistan), 2011