KARACHI, Oct 1: The State Bank has taken special care of the people by providing them fresh currency notes worth billions of rupees for spending on the occasion of Eidul Fitr and has also directed commercial banks to ensure proper distribution of these notes.
The central bank issued Rs23.8 billion fresh notes and took a number of measures to ensure transparent distribution of these notes across the country particularly in far-flung areas.
On the directives of SBP Governor Dr Shamshad Akhtar special arrangements have been made at all offices of SBP BSC for issuing one packet each of Rs10 and Rs20 denomination fresh currency notes to a person from their counters.
The packets will be issued till the last working day before Eidul Fitr on production of original CNIC along with a copy thereof for record.
Sufficient quantity of fresh currency notes has already been issued to all commercial banks for distribution to the general public. The branches of these banks have also been advised to issue one packet each of Rs10 and Rs20 denomination fresh notes till the last working day before Eidul Fitr.
These banks have also been advised to issue five packets each of Rs10 and Rs20 denomination fresh notes to their corporate clients.
SBP BSC has also supplied sufficient quantity of fresh notes to NBP Chest branches (where SBP BSC office does not exist) for onward supply to branches of commercial banks in remote areas.
The SBP field offices have formed monitoring team(s) to verify the receipt of fresh notes at recipient bank’s branch as well as its further destination/delivery to other branches. The monitoring team(s) will also examine the distribution of fresh notes to the general public by commercial banks.
As of September 29, 2007, over 181 million pieces of fresh notes of all denominations have been issued to the general public/commercial banks.
The commercial banks will be strictly dealt with in case of any violation of above-stated instructions, said a SBP press release.
“These measures have been taken to curb the black marketing of fresh currency notes on the eve of Eidul Fitr,” said the SBP.