'Rs75 banknotes legal tender'

In its response to reports of nonacceptance of Rs75 banknotes by sellers and buyers across the country, the State Bank of Pakistan (SBP) Thursday clarified that both green and blue coloured special commemorative bills were legal tender and should not be declined for that matter.

"...under Section 25 of the State Bank of Pakistan Act, 1956, all banknotes including commemorative notes issued by SBP are legal tender everywhere in Pakistan for the amount expressed therein and carry the guarantee of the Federal Government," the SBP said in a statement.

The SBP said that the banknote of Rs75 (predominantly green) issued on August 14, 2022, to commemorate 75 years of Pakistan’s Independence and the banknote of Rs75 (predominantly blue) issued on July 04, 2023, to mark 75 years of SBP's inception are legal tender across Pakistan.

These banknotes are equally eligible to perform the function of a medium of exchange i.e. for settlement of private and public obligations, the statement mentioned.

Besides, SBP and all commercial banks shall issue to, and accept from, the public, these banknotes.

Citizens have complained that shopkeepers, taxi drivers, and others have refused to accept these notes. Some, however, accept it after they are reasoned with.

"I used it only once when I had to pay a taxi driver. He first showed reluctance in accepting that but when I assured him that the State Bank has notified the note as a legal form of exchange, he took it," Tazeen Naim told Thenews.com.pk.