Cashing in on Eid

Published July 28, 2014
.— File photo
.— File photo

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.

Rs87bn fresh notes issued

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

Opinion

Editorial

Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...
New terror wave
Updated 27 Mar, 2024

New terror wave

The time has come for decisive government action against militancy.
Development costs
27 Mar, 2024

Development costs

A HEFTY escalation of 30pc in the cost of ongoing federal development schemes is one of the many decisions where the...
Aitchison controversy
Updated 27 Mar, 2024

Aitchison controversy

It is hoped that higher authorities realise that politics and nepotism have no place in schools.