I want to highlight a serious issue being faced by our less fortunate citizens of our country who are unable to obtain new notes of Rs.10 & 20 from bank branches from even where they are maintaining an active account.
It may be of interest to learn that the banks are offering them Rs 50 and Rs 100 new notes which can easily be afforded by our upper end community.
The above is reprehensible in view of the economic report published by foreign agencies and not contested by the Government that the country’s poverty level has increased from 34.2% to 39.4% pushing down 12.5 million citizens below the poverty line. It is understood that the ban is imposed due to cost of printing new notes which are in high demand.
It is further said that since the Government has started making 10 and 5 Rupee coins in the mint they could buy them instead adding insult to injury.
Traditionally, the less fortunate citizen gives new notes of Rs.10 notes as Eidi or make garlands of it on weddings and similar occasions not to mention the requirement of Christian community on Christmas and Easter.
Surely, the State Bank/MOF can absorb the cost of printing new notes partially from its phenomenal profits of Rs.3.4 trillion in 2024, up from Rs.1.1 trillion in 2023, to help the poor and the needy. This amount is being passed on to the Government instead.
The above needs a favourable consideration by SBP/MOF and the Parliamentarians.
Naim Farooqui
Copyright Business Recorder, 2025
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