Dawn News

Bank notes

Pakistani rupees — File Photo
Pakistani rupees — File Photo

KARACHI: The State Bank of Pakistan will use the large network of over 10,000 branches of commercial banks for distribution of fresh currency notes to the general public during Ramazan.

The SBP Banking Services Corporation has made elaborate arrangements for the supply of adequate quantity of fresh currency notes, particularly of small denominations (Rs10 to Rs100) to commercial banks depending upon their branch network.

According to SBP here on Monday, the branches of commercial banks will issue only one packet each of Rs10 and Rs20 per person to the visiting general public/account holders from August 1, 2012 till the last working day before Eidul Fitr (or until the stock ends) on presentation of original Computerised National Identity Card along with the photocopy of it for record.

Banks’ branches, however, may also issue a maximum of five packets each of Rs10 and Rs20 denomination fresh notes to their corporate clients on receipt of request on the company’s letterhead duly signed by the authorised representative.—APP

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Comments (1) Closed

Jul 31, 2012 01:01pm
This is all rubbish. Isn't a rupees 10 bill out of the new bundle equal to the same amount of purchasing power of the old bill, unless its circulation is discarded for any reasons by the authority concerned? It seems to be prompted by the enthusiasts either for giving 'EIDI' or for flooding the markets with cash to push up the price levels. In any case this is the only country in the world indulging in paper printing irrespective of the cost of printing, distributing and managing the record.