The State Bank of Pakistan (SBP) has granted extension for issuance of machine authenticated Rs 50 banknotes. According to a circular issued by the SBP, considering the difficulties faced by banks in machine processing of lower denomination banknotes under the Currency Management Strategy (CMS), it has been decided to extend the effective date for issuance of machine authenticated Rs50 banknotes until January 4, 2021.
"The banks are however encouraged to gradually adopt machine processing and authentication of Rs50 banknote. All other instructions on the subject shall remain unchanged," the central bank said.
Copyright Business Recorder, 2019
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