Black marketing of new currency notes has registered new heights ahead of Eid despite intervention of the State Bank of Pakistan (SBP), as vendors in the city are charging hefty profits on currency notes of different denominations.
It may be noted that the SBP has decided to fully utilise the large network of over 10,000 branches of commercial banks all over the country, and all field offices of SBP Banking Services Corporation (BSC) for distribution of fresh currency notes to the general public during the holy month of Ramazan 2013. The SBP BSC has issued over Rs 48 billion fresh currency notes of various denominations till July 19.
Furthermore, to facilitate the general public, certain commercial bank branches in selected cities have been designated as express centers, to freely issue fresh notes in abundance, where a representative of SBP BSC would also be present to ensure maximum, efficient and transparent disbursement.
Issuance of fresh currency notes from these designated branches will commence w.e.f. 24th July, and will continue till last working day before Eid-ul-Fitr. However, all such measures are proved a futile exercise as a good number of black marketers are busy flouting the SBP measures openly in and across the SBP building in the city. These vendors are charging additional Rs 150 on each currency packet of Rs 10 and Rs 20 denomination. So far as the packets of Rs 50 and Rs 100 denomination are concerned, the vendors are charging Rs 250 to Rs 300 additionally in the town.
Despite the fact that the black marketers of currency notes carry on with their illegal activities throughout the year, still this activity registers new heights with the anvil of Eid right after the holy month of Ramazan. The consumers are also left with no option but to approach them due to the fact that the bankers deny them new currency notes on demand. The flatly tell the consumers that the bank was short of fresh currency notes. However, those among the consumers enjoying good relations with management at different banks are still accommodated silently.
It is also worth noting that the SBP building in the town is opposite to the Lahore High Court where heavy contingent of police force remains busy to catch the suspects but still no one from among the police force has ever taken notice of the illegal activity of the money vendors.
The consumers have complained that these vendors work in a highly systematic way and they have direct links with bankers and local police station. It is also interesting to note that a good number of these vendors are women of middle age carrying fresh currency notes into their hands. The general public has demanded immediate action against the black marketers to ensure smooth supply of fresh currency notes ahead of Eid.
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