Karachi : State Bank of Pakistan SBP’s Banking Services Corporation (SBP BSC) issued fresh currency notes worth Rs 114.23 billion to commercial banks in the country during holy month of Ramazan-ul-Mubarak. SBP BSC field offices issued fresh notes of Rs 10, Rs 20, Rs 50, Rs 100, Rs 500, Rs 1000 and Rs 5000 denominations amounting to Rs 3.50 billion, Rs 1.95 billion, Rs 2.85 billion, Rs 7.63 billion, Rs 27.25 billion, Rs 67.28 billion and Rs 3.77 billion respectively. SBP BSC fully utilized large network of over 10,000 branches of commercial banks for distribution of fresh notes to general public during Ramazan, 2012.
Commercial banks branches were asked to issue only one packet each of Rs.10/- and Rs. 20/- per person to visiting general public/ account holders from 1st August, 2012 till last working day before Eid-ul-Fitr 2012 on presentation of original Computerized National Identity Card along-with photocopy of it for record. Banks branches were allowed to issue a maximum of 5 packets each of Rs.10/- & Rs.20/- denomination fresh notes to their corporate clients on receipt of request on company s letter head duly signed by authorized representative.
SBP through circular had advised banks not to issue bundles of small denominations (Rs 10 to Rs 100) of fresh currency notes, which were issued to them by SBP BSC field offices, as same can be sold in market on premium. SBP warned banks that it will impose on them fines at rate of Rs one lakh (Rs 100,000/-) per wrapped bundle (10 packets) and Rs fifty thousand (Rs 50,000/-) per five packets (in serial) of fresh currency notes found on sale in market.
SBP on Friday said it has started imposing penalty on banks for violating its instructions. SBP instructed banks to keep sufficient amount of cash in their Automated Teller Machines (ATMs) so that general public do not face difficulty in getting currency notes from ATMs during Eid/closed holidays. It also warned banks that it will impose fines on them, if their ATMs are not found working during Eid holidays. SBP BSC inspection teams will monitor working and availability of cash in ATMs during Eid holidays. SBP BSC issued fresh currency notes worth nearly Rs 112 billion for general public during Ramazan last year.