In order to ensure equity and fair provision of currency notes to the general public by banks, the State Bank of Pakistan (SBP) has started spot investigation of various branches of banks and mystery shopping of fresh notes from the market. So far, some Rs 50 billion fresh currency notes have been issued by the central bank to banks and other stakeholders for distribution to general public.
The central bank has also decided to impose fines on banks which would be found violating SBP instructions. This year the 16 Field Offices of SBP Banking Services Corporation are not providing new currency notes to general public and distribution is being made by banks only. The SBP has made special arrangements to provide new currency notes to masses.
The State Bank of Pakistan is making all-out efforts to provide fresh currency notes to members of the general public in view of the ensuing Eid-ul-Fitr and under a well-defined policy fresh notes are being issued from more than 9200 branches of all banks. As per arrangements, one packet each of Rs 5/= and Rs 10/= denomination notes is being provided to every person against presentation of original CNIC and its photostat copy.
The SBP spokesman Waseemuddin confirmed that to ensure equity and fairplay in the matter of provision of currency notes to the general public by banks, various measures have been put in place by the State Bank which include on the spot investigation of various branches of banks, mystery shopping of fresh notes from the market. While banks found violating the SBP instructions have been levied heavy fines.
According to the banking sources, from August 12, 2010 (First Ramazan) to September 2, 2010, about 821.602 million pieces of fresh currency notes worth Rs 49.265 billion of all denominations have been issued to commercial banks for distribution to general public. During the period the SBP issued 247.587 million pieces worth Rs 1.237 billion of Rs 5 denomination, 308.928 million pieces worth Rs 3.089 billion Rs 10 denomination, 91.158 million pieces of worth Rs 1.823 billion of Rs 20 and 87.762 million pieces of Rs 4.388 billion of Rs 50 denomination.
It distributed 47.866 pieces worth Rs 4.786 billion of Rs 100 denomination, 15.362 million pieces worth Rs 7.681 billion notes of Rs 500 denomination, 22.105 million pieces worth Rs 22.105 billion notes of Rs 1,000 denomination and 0.830 million pieces worth Rs 4.153 billion notes of Rs 5,000 notes. The SBP has asked general public to lodge complaint of banks, which are not providing new notes, and the central bank will take action against banks.
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