Finance Minister Asad Umar has said that the private sector entrepreneurs should come forward in all sectors and generate jobs. He was addressing a ceremony held on the occasion of commencement of currency management services, hosted by SOS Pakistan. Asad Umar lauded the initiative by SOS Pakistan to take up the challenge of sorting of bank notes on latest machines outsourced by the banks.
Wasim Sajjad, former Chairman Senate, notables from different sections including heads and representatives of commercial banks, chambers of commerce and industry as well as diplomats based in Pakistan attended the ceremony.
The SOS Group COO, Ch Rashid Ahmad informed the audience that in addition to providing security services, SOS has launched a new initiative namely "Currency Management Services" at Islamabad following Multan and Quetta. He said the SOS Pakistan is providing cash processing solutions by inducting the latest counting and processing banknote machines to the banks. This is the first initiative by SOS as a pioneer and leader in the field of currency management system in the private sector of Pakistan.
He explained that following the best international practices, SOS has commenced establishing Cash Processing Centres (CPCs) in major cities. "We offer cash sorting services to banks through state-of-the-art CPCs equipped with the latest cash sorting machines from G+D German technology certified by 123 central banks of the world," he said.
Ch Rashid Ahmad told the audience, "We have built world class vault facility as per specifications of the State Bank to handle bulk cash for sorting, packet making and bundling of banknotes. The SOS technologies have devised its own app to carry out online surveillance of the cash sorting system. With the support of our experienced team, we make sure that the job is accomplished compliant to the State Bank of Pakistan's Currency Management Strategy 2015. At our CPCs, the banknotes are sorted out into soiled and reissue categories with suspected notes reported separately. All operations in CPCs are fully recorded through high definition CCTV cameras as per instructions of the SBP with auditable trail available for settlement of short/excess of notes in packets,"
Ch Rashid was of the view that to mitigate operational and systematic risks, comprehensive insurance cover up to Rs 300 million, highest in the industry, is provided to all assets including CIT vehicles and vaults, apart from getting antecedents of CPC employees cleared by law-enforcing agencies and adopting all precautionary measures recommended to run CPC operations securely.
Later, the finance minister presented a shield of SOS Pakistan to Nauman Ansari President & CEO Bank Alfalah, which was received on his behalf by Khawaja Muhammad Ahmad, Head of Operations, Bank Alfalah. The SOS souvenir was also presented by the finance minister to Szelenyi Ferenc, Managing Director, G+D, a German company supplying latest note processing machines, and Wasim Sajjad. The Chairman SOS Group, Syed Anwer Mahmood presented an SOS shield to Asad Umar.