Banks told to issue 'fit for use' currency

In order to control the spread of coronavirus (COVID-19) through currency notes, the State Bank of Pakistan (SBP) has asked banks to quarantine the cash received from hospitals and clinics and ensure issuance of 'fit for use' cash to general public.
According to a circular issued by SBP, a number of banking instruments serve as medium of exchange change hands frequently amongst the members of general populace. Subject to atmospheric pressure and humidity, the surfaces of banknotes, cheques, and coins, like many materials, could serve as a habitat for the virus, as apprehended by some agencies and researchers. Therefore, thereon, the SBP feels that some prudent measures must be taken by the banking industry in order to ensure safe, secure and socially responsible banking practices.
In this regard SBP has directed the banks that the environment of every branch should present the image of a socially responsible banking service. Specifically, the staff engaged in processing banknotes, coins and other banking instruments must be provided with necessary protective gears and provisions such as masks, gloves, hand sanitizers/disinfectants.
The banks maintaining the accounts of hospitals and clinics, have been directed to make necessary arrangement with them whereby cash collected from such clients should be disinfected, sealed and secured separately and shall be quarantined until further order.
The amount of quarantined cash will be reported by the banks on consolidated basis electronically to SBP and the SBP will, on receipt of the statement give credit to banks on the same day and in-lieu thereof; the quarantined cash will be kept by banks with them on behalf of SBP till further orders.
The consolidated amount of the credit received must be reconcilable and verifiable by entries in the accounts of the individual hospitals and clinics.
The SBP has said that the cash collections from all other sources should also be handled with due-care and should preferably be disinfected in addition to authenticating, sorting, and packing as required under the Currency Management Strategy (CMS).
The banks shall take reasonable steps to ensure that cash being issued from the banking ecosystem is fit for use by the general public. Accordingly, from 6th April 2020 till further orders they shall issue either fresh cash or the re-issuable cash quarantined for fourteen (14) days or more.
The SBP BSC offices have sufficient stock of such cash; if needed the banks can obtain the same from SBP BSC well before the 6th April 2020. They can also use the fresh banknotes already issued to them under Eid quota.
The banks may surrender their surplus re-issuable balances to the nearest SBP Banking Services Corporation field office/National Bank of Pakistan Chest provided it is authenticated, sorted and packed as per SBP instructions.
ATMs shall also be replenished with fresh banknotes or with the ATM-fit re-issuable notes taken from SBP Banking Services Corporation from 6th April 2020.