SBP to supply new stocks of currency notes to banks

The State Bank of Pakistan (SBP) would supply new stocks of currency notes, of all denominations, to over 9,000 branches of commercial banks in the country during Ramazan, Business Recorder learnt Thursday. For this purpose, the SBP has made elaborate arrangements to supply an adequate quantity of currency notes of all denominations in general, and of small denominations - Rs 5 to Rs 50 in particular to the commercial banks with regard to their branch networks.
Each of the 16 field offices of SBPBSC would supply currency notes to the designated branch of each commercial bank. These branches would then deliver these notes in quantities commensurate to the size of their branch, as per plan pre-notified to the concerned office of the SBPBSC.
The branches of commercial banks would issue only one pack, of Rs 5 and Rs 10 each, per person from 2nd Ramazan till the last working day before Eid-ul-Fitr (or untill stocks last. The packs would be issued to the general public/account holders on a mandatory condition of producing original Computerised National Identity along with its photocopy for record. Branches, however, may also issue a maximum of five packs each of Rs 5 and Rs 10 to their corporate clients on requests in black and white on the company's letterhead duly signed by the authority.
The SBPBSC has also established a Help Desk to address the complaints, if any, of all those people who fail to get these currency notes from the commercial banks. The Help Desk could be contacted on the following telephone numbers: 021-32455463 and 021-32455470. Complaints can also be lodged at the following e-mail address [email protected] or to the Chief Spokesman SBP at his e-mail address [email protected].
The SBPBSC has also devised a mechanism to penalize those banks that are found to be involved in any irregularity relating the issuance of currency notes. It is pertinent to mention that during the last Ramazan, an amount of Rs 20.250 million was recovered from those commercial banks which violated SBP's instructions regarding the issuance of currency notes.