The State Bank of Pakistan (SBP) has extended date for use of cash trays for transportation of banknotes. As per banknote packing instructions, banks are required to use purpose-built plastic cash trays for depositing banknotes with SBP Banking Services Corporation. However, according to a SBP circular, considering the difficulties faced by banks in procurement of the requisite cash trays, the effective date of instructions has been extended to October 1, 2018.
The banks have been asked to ensure that the cash to be deposited with SBP-BSC on or after 1st October 2018, is duly packed in cash trays as required u/s 2 and 3 of the banknotes packing instructions.
The Currency Management Strategy is aimed at reforming the currency management function from manual to automated environment, enhance banks' capacity to segregate the fit and genuine banknotes from unfit, soiled and counterfeit banknotes and improve the quality of banknotes in circulation.
As there will be frequent exchange of cash both within the banking industry and between the banks and SBP Banking Services Corporation (SBPBSC) after the implementation of the strategy, it is important that the cash to be traded in the interbank market and/or surrendered to SBP is packed properly, uniformly and consistently.
Thus in order to standardize the cash packing processes and practices, a set of instructions has been prepared which will be applicable for banknotes to be traded in interbank market and/or to be surrendered to SBPBSC.