KARACHI: The SBP Banking Services Corporation (SBP BSC) issued fresh currency notes worth Rs114.23 billion to commercial banks during the holy month of Ramazan, the SBP said.
According to the break-up, the field offices of SBP BSC issued fresh currency notes of Rs10, Rs20, Rs50, Rs100, Rs500, Rs1,000 and Rs5,000 denominations, amounting to Rs3.50 billion, Rs1.95 billion, Rs2.85 billion, Rs7.63 billion, Rs27.25 billion, Rs67.28 billion and Rs3.77 billion, respectively.
The SBP fully utilised the large network of over 10,000 branches of commercial banks for distribution of fresh currency notes to the general public during the holy month of Ramazan.
The branches of commercial banks were asked to issue only one packet each of Rs10 and Rs20 per person to the visiting general public / accountholders from August 1 till the last working day before Eid-ul-Fitr on the presentation of original computerised national identity card along with the photocopy of it for record.
Bank branches, however, were allowed to issue a maximum of five packets each of Rs10 and Rs20 denomination fresh notes to their corporate clients on receipt of the request on the company’s letterhead duly signed by the authorised representative.
The State Bank through a circular had advised the banks not to issue bundles of small denominations (Rs10 to Rs100) of fresh currency notes, which were issued to them by the field offices of the SBP Banking Services Corporation, as the same can be sold in the market on premium.
The SBP had also warned the banks that it will impose fines of Rs0.1 million per wrapped bundle (10 packets) and Rs50,000 per five packets (in serial) of fresh currency notes found on sale in the market. The SBP has started imposing penalty on banks for violating its instructions.
The central bank has also instructed the banks to keep sufficient amount of cash in their automated teller machines (ATMs) so that the people do not face difficulty in getting currency notes from ATMs during Eid holidays.
It has also warned the banks that it will impose fines on them, if their ATMs are not found working during Eid holidays. The inspection teams of SBP BSC will monitor the working and availability of cash in ATMs during Eid holidays, it said.
Last year, the SBP had issued fresh currency notes worth around Rs112 billion during the holy month of Ramazan.