The State Bank of Pakistan (SBP), in order to overcome the problems relating to collection, sorting and replacement of soiled notes and to provide better services to general public, has introduced a self-assessment compliance programme for banks with regard to Clean Note Policy (CNP).
According to a Circular (BPRD Circular No 1) issued on Tuesday, Chief Compliance Officers of banks shall issue a certificate on standard format with regard to implementation of Clean Note Policy by their banks in letter and spirit.
The banks shall submit this compliance certificate annually within fifteen (15) days from the commencement of each calendar year to the Director, Currency Management Department, State Bank of Pakistan, Banking Service Corporation, Head Office, Karachi. The compliance certificate for the calendar year ended 2009 should reach to the office latest by January 15, 2010, the Circular added.