Inspection teams of State Bank of Pakistan, Lahore recovered a total of Rs 500,000 in fine from 161 branches of different commercial banks operating in the city, for use and circulation of mutilated currency notes. State Bank spokesman told APP here on Friday that the State Bank had directed all commercial banks across the country, neither to issue nor accepts mutilated or torn currency notes.
In a series of surprise visits during the last two months on the directive of the SBP governor, inspection teams found 161 bank branches violating the instructions and fined them on -the spot. All commercial banks have paid the fine and assured the teams to implement the instruction.
To settle the matter of torn or defaced notes already in circulation and to facilitate the public the SBP has set up a special counter for replacement of the old, torn and defaced currency notes.
Meanwhile, people have been advised not to accept mutilated currency notes from any person or from any bank.
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