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16 October 2004
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Saturday
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01 Ramazan 1425
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LAHORE: Banks fined for circulating worn-out notes
LAHORE, Oct 15: Inspection teams of State Bank of Pakistan, Lahore, recovered Rs500,000 in fine from 161 branches of different commercial banks operating in the city for using and circulating worn-out notes.
An SBP spokesman told APP here on Friday that the central bank had directed all commercial banks across the country neither to issue nor accept worn-out or torn notes.
In a series of surprise visits during the last two months on the directive of the SBP Governor, inspection teams found 161 branches violating the instructions. They were fined on the spot.
To settle the matter, the SBP has already set up a special counter for replacement of the old, torn and worn-out notes. Meanwhile, people have been advised not to accept such notes from any person or from any bank. -APP
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