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Fresh notes distribution.

PESHAWAR, Aug. 13 -- SBP to use commercial banks network in Ramazan

State Bank of Pakistan (SBP) has decided to fully utilise huge network of over 9,000 branches of commercial banks for distribution of fresh currency notes of all denominations to the general public during Ramazan.

For this purpose, State Bank has made elaborate arrangements for the supply of adequate quantity of fresh currency notes of all denominations in general and small denomination (Rs5 to Rs50) in particular to commercial banks depending upon their branch network.

Each of the 16 field offices shall provide fresh currency notes to the designated branch of each commercial bank, says an SBP press release on Thursday.

These branches shall be responsible for delivery of these notes in quantities commensurate to the size of their branch as per plan pre-notified to the concerned office of SBP.

The branches of commercial banks will issue only one packet each of Rs5 and Rs10 per person from 2nd Ramazan (today) till the last working day before Eidul Fitr (or until stock ends), on production of original computerised national identity card along with a photocopy of it for record to the visiting general public/account holders.

Branches, however, may also issue a maximum of five packets each of Rs5 and Rs10 denomination fresh notes to their corporate clients on receipts of request on the company's letter head duly signed by the authorised representative.

With a view to resolve the grievances of the public, if any, in obtaining fresh currency notes from commercial banks, the SBP has established a help desk which may be contacted on 021-32455463 and 021-32455470.

Complaints may also be lodged at the following e-mail address freshnote@sbp.org.pk or with the chief spokesman, SBP at his e-mail address syed.wasimuddin@sbp.org.pk

The SBP has put in place a mechanism for penalising the banks in case of any irregularity is committed by them in issuance of the fresh currency notes.

During last Ramazan, an amount of Rs20.250 million was recovered from commercial banks whose branches violated SBP instructions in issuance of the fresh currency notes.

Published by HT Syndication with permission from The Statesman. For any query with respect to this article or any other content requirement, please contact Editor at htsyndication@hindustantimes.com

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Publication:The Statesman (Peshawar, Pakistan)
Date:Aug 13, 2010
Words:393
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