The SBP Banking Services Corporation has issued fresh currency notes worth Rs 96.93 billion to the commercial banks between 2nd Ramazan-ul-Mubarak to 29th Ramazan-ul-Mubarak (12th August to 9th September, 2010), the last working day before Eid-ul Fitr. According to the data released by SBP BSC on Thursday about 975.56 million pieces of fresh currency notes of all denominations worth Rs 96.93 billion were issued to the commercial banks.
According to details, during the Ramazan SBP has issued 247.53 million pieces worth Rs 1.37 billion of Rs 5 denomination, 349.73 million pieces worth Rs 3.50 billion Rs 10 denomination, 102.72 million pieces of worth Rs 2.05 billion of Rs 20 and 96.76 million pieces worth of Rs 4.84 billion of Rs 50 denomination.
Similarly, SBP has distributed 58.15 pieces worth Rs 5.81 billion of Rs 100 denomination, 38.62 million pieces worth Rs 19.31 billion notes of Rs 500 denomination, 53.79 million pieces worth Rs 53.79 billion notes of Rs 1,000 denomination and 1.25 million pieces worth Rs 6.24 billion notes of Rs 5,000 notes.
It may be mentioned here that this year SBP had 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 the holy month of Ramazan.
For this purpose, the SBPBSC had made elaborate arrangements for the supply of adequate quantity of fresh currency notes of all denominations in general and small denomination (Rs 5 to Rs 50) in particular to commercial banks depending upon their branch network. Each of the 16 field offices of SBPBSC provided fresh currency notes to the designated branch of each commercial bank. These branches were 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 the SBPBSC.
The SBPBSC 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. In this regard, SBPBSC has constituted committees, which will look into complaints of the general public about non-availability or black marketing of fresh currency notes. Penalty will also be imposed on banks found violating SBP instructions with regard to the issuance of notes to the general public.
During last Ramazan in 2009, an amount of Rs 20.250 million was recovered from commercial banks whose branches violated SBP instructions in issuance of the fresh currency notes. It may be recalled that the State Bank/SBPBSC last year had issued 826.73 million of pieces fresh currency notes worth 75.91 billion from 3rd Ramzan-ul-Mubarak till the last working day before Eid.
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