Financial institutions and police have failed to take any action against unauthorised dealers of currency notes, who are earning huge profits on the sale of new notes ahead of Eid-ul-Fitr.
Since there is no law check unauthorised trade of new currency notes, the dealers are charging Rs 50-150 selling new notes on the commission of Rs 50-150 per packet of Rs 50 denomination. Boltan Market, the main hub of the unauthorised dealers of currency notes and Prize Bonds, was thronged by the seekers of new currency notes for Eid-ulFitr.
One byuer said: "We are compelled to purchase new currency notes from such dealers, as the State Bank of Pakistan has restricted the issuance of limited currency notes." He said: "I have purchased Rs 10 and Rs 20 packets denominations after paying Rs 30-50 commission for each packet of Rs 10 denomination, Rs 60-70 for packet of Rs 20 denomination, Rs 80-100 for the packet of Rs 100 and Rs 100-150 for Rs 50 denomination packet.
Meanwhile, the SBP has announced steps for regularly supply of the new notes to the general public through commercial banks, announced that a fine of one million rupees would imposed on the banks for non-compliance of the instructions.
The SBP has constituted over 80 monitoring teams across the country to ensure transparent and smooth supply of new currency notes ahead of Eid-ul-Fitr. "During the surprise visits of the different bank branches, the monitoring teams observed that despite the SBP's clear-cut instructions, some bank branches were not providing new currency notes to the general public, including account holders," said the SBP.
"Therefore, the SBP during the Ramazan, imposed a fine of one billion rupees on the different banks, which violated the rules, said the SBP. SBP's chief spokesman Syed Waseem-ud-Din said: "We are compelled to not take action against the persons involved in black marketing of new currency notes due to absence of any law."
He said if the people avoided purchasing the currency notes from the open market, then this unauthorised business would automatically finish. He said that the SBP had made special arrangements for the smooth and regular distribution of new currency notes.
Besides, some measures had also been taken to curb the black marketing of fresh currency notes on the eve of Eid-ul-Fitr and to ensure equitable distribution of fresh notes to the general public, he said.
The branches of commercial banks had been also advised to issue one packet each of Rs 10 and Rs 20 denominations fresh currency notes to the general public till the last working day before Eid-u1-Fitr. As per the SBP instructions, the commercial banks would be strictly dealt with in case of any violation of the instructions, he added.
He said that the monitoring teams would verify the receipt of fresh notes at the recipient bank's branch as well as its further destination and delivery to other branches. He said that during the Ramazan, new currency notes worth over Rs 57 billion had been issued to the banks and general public.