KARACHI, Oct 12: Despite issuance of fresh currency notes worth over Rs74 billion during Ramazan to meet the demand of the general public on Eidul Fitr, illegal sale of such notes is continuing.
The central bank had stated on Friday that it had issued a large number of currency notes of various denominations in view of their never-ending demand. But it is surprising that people have not been able to get packets of fresh currency notes from commercial banks as black-marketing of such notes even at a higher margin of 10 per cent is going on.
It was a clear indication that the banks did not follow the instructions issued by the State Bank to curb black-marketing of fresh notes.
“The SBP has taken action against banks and punished them,” Chief Spokesman of State Bank Syed Wasimuddin told Dawn, adding that it has recovered Rs2.4 million in fines from these banks.
The breakup of the SBP data showed that Rs1,000 and Rs5,000 notes valuing Rs25.429 billion and Rs22.720 billion were printed during Ramazan. Collectively these two high denomination notes worth Rs48 billion were issued which are not in public demand. This was a record printing in Ramazan.
This is also surprising why notes of higher denominations were printed in a large number as general public need notes of 10, 20, 50 and 100 rupee denominations only. Traditionally notes of small denominations are used for ‘Eidi”.
Presently notes of big denominations are in high demand, but the general public cannot afford these notes for any purpose.
Banks do confirm that Rs1,000 and Rs5,000 notes are in high demand, but they were not disclosing who was interested in these currency notes.
Of the total fresh notes issued worth Rs74.223 billion, the beak-up shows that Rs500 notes were printed for a total value of Rs12.295 billion while notes of Rs100 denomination were printed valuing Rs9.728 billion, Rs10 denomination notes valuing Rs2.754 billion, Rs20 denomination notes valuing Rs1.273 billion and the least quantity was of Rs50 which was printed valuing Rs23 million.
Consumption of fresh notes has always been high during Ramazan, and each year SBP makes efforts to facilitate the general public. However, the general public was not able to get to the required quantity of fresh notes.
