Bank Branches that Don’t Issue Fresh Currency Notes to Public Will Be Penalized: SBP

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State Bank of Pakistan (SBP) has announced that it will impose a penalty of Rs. 10,000 on any bank branch that does not issue fresh currency notes to the general public despite available stocks.

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Since fresh currency notes are not being provided through SBP’s SMS-based service (8877) given the overwhelming amount of requests as against the target of 2.7 million throughout the country, the general public has no option but to visit bank branches to procure fresh notes.

It has been observed that the general public are being reluctantly entertained by banks all over the country and avoid providing fresh currency notes by bankers. These bankers usually prefer their account holders and customers over the general public for this facility.

“We are contacted by our loyal customers, friends and relatives for fresh currency notes and we have to meet their demand especially of our customers who have built a healthy business relationship with us,” said a banker.

“The requests of fresh currency notes from the public went down drastically at branches ever since the SMS-based service was launched in the country. However, the demand of notes from relatives and account holders is still huge,” he added.

Banks To Be Penalized If Currency Notes are Sold in Markets

It has been observed that fresh currency notes are being sold in the open market against premium charges. For instance, a bundle of Rs 50 denomination is being sold at Rs. 5500, with an extra Rs.500 margin set by sellers.

These bundles are usually available in the market through bankers or their loyal customers who cash in on this seasonal business opportunity through unfair means. The central bank has come up with a strict penalty against banks and branches involved in this practice in a bid to curb it.

According to SBP, a penalty of Rs 10,000 per bundle will be imposed.

The central bank said that it intends to stop this illegal activity. If anyone finds this malpractice at any place, he or she should lodge a complaint with the central bank through a phone call.

Bank branches who do not ensure fresh currency notes to the general public against requests received through SMS will also be fined Rs.10,000 per complaint.

The central bank claims that it strictly monitors the supply of fresh currency notes throughout the country. It will also impose a heavy penalty of Rs. 50,000 on any bank if their designated zonal/feeding branches do not ensure replenished stocks of fresh notes at authorized branches with regards to their demand, supply and quota.

How to Register Complaints

If you are facing issues getting fresh currency notes, you can contact the dedicated facilitation desk of SBP at 021-111 008 877. The helpline will be active during 8:00 a.m. to 1.45 p.m.

Complaints against banks branches and open sale of currency notes can be made at the hotline number: 021-111 727 273 during regular banking hours.

Originally Published on ProPakistani.com

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