NOTHING says it like the smell and crispy feel of a new currency note. As is the case every year, the demand for fresh new currency notes is skyrocketing with the approach of Eid. And in what has long become an established ritual, the State Bank has made preparations to meet this demand by printing fresh new notes and arranging currency counters at bank branches across the country to “facilitate the general public”.
Last year, the amount printed was Rs135bn. The year before that it was Rs114bn. This year the amount being printed is more than Rs157bn — a 15pc increase which clearly shows that the rate of inflation for Eidi is somewhat higher than the Consumer Price Index.
It is good that the rate of increase in our blessings should outstrip inflation as measured by the CPI. After all, simple arithmetic tells us that if our blessings did not grow faster than the CPI, then we would be blessed no further than we were last year. That would be an unacceptable state of affairs. As a pious nation we expect that our blessings should grow faster than the overall price level.
Moreover, to ensure the crispy blessings of Eid are equitably showered upon the multitude, the State Bank has put in place a series of stern procedures to prevent black marketers from gobbling up the new notes. Anyone wanting some would have to present his CNIC to obtain a packet, for starters. Packets found circulating in the black market will bring a fine upon the bank whose seal they carry. In the past, the State Bank also created a new email account for registering complaints, and with a straight face gave it this ID: freshnotes@sbp.org.pk.
Perhaps one day somebody will actually check that inbox to see what treasures lie buried therein. But let us not let these little absurdities distract us from the festive spirit of the season. A sincere Eid Mubarak to all our readers.
Published in Dawn, July 28th, 2014
