SBP BSC issues fresh currency notes during Ramadan

The SBP Banking Services Corporation has issued fresh currency notes worth Rs 96.93 billion to the commercial banks between 2nd Ramadan-ul-Mubarak to 29th Ramadan-ul-Mubarak (August 12 to September 09), the last working day before Eid-ul Fitr.

According to the data released by SBP BSC here on Thursday, about 975.56 million pieces of fresh currency notes of all denominations worth Rs 96.93 billion were issued to the commercial banks.
This year SBP had decided to fully utilize huge network of over 9,000 branches of commercial banks for distribution of fresh currency notes of all denominations to the general public during the holy month of Ramadan.

For this purpose, the SBP BSC had made elaborate arrangements for the supply of adequate quantity of fresh currency notes of all denominations in general and small denomination (Rs 5 to Rs 50) in particular to commercial banks depending upon their branch network.

Each of the 16 field offices of SBP BSC provided fresh currency notes to the designated branch of each commercial bank.

These branches were responsible for delivery of these notes in quantities commensurate to the size of their branch, as per plan pre-notified to the concerned office of the SBP BSC.

The SBPBSC has put in place a mechanism for penalizing the banks in case of any irregularity is committed by them in issuance of the fresh currency notes.

In this regard, SBPBSC has constituted committees which will into complaints of the general public about non-availability or black marketing of fresh currency notes.

Penalty will also be imposed on banks found violating SBP instructions with regard to the issuance of notes to the general public.

During last Ramadan in 2009, an amount of Rs 20.250 million was recovered from commercial banks whose branches violated SBP instructions in issuance of the fresh currency notes.

It may be recalled that the State Bank/SBP BSC last year had issued 826.73 million of pieces fresh currency notes worth 75.91 billion from 3rd Ramdan-ul-Mubarak till the last working day before Eid-ul-Fitr.