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Friday, July 17, 2015

State Bank issues new currency notes worth Rs.249 Bn for Eid !!

The title of the news item read ‘State Bank issues new currency notes worth Rs249bn for Eid’- definitely enthused me to knowing what were the new features and what is special about it …..

Before you read any further, the source is -   which is Pakistan's oldest and most widely read English-language newspaper.  The group also owns the Herald, a magazine besides some more.  It was founded by Mohammad Ali Jinnah, in Delhi in Oct 1941. 

As you would know, ‘rupee’ is the currency of Pakistan too – its issuance is controlled by the State Bank of Pakistan, the central bank of the country. In Pakistan, the rupee is referred to as the "rupees", "rupaya" or "rupaye". The State Bank of Pakistan, its Central bank was  created in  1948.

The news reads that - State Bank of Pakistan's (SBP) Banking Services Corporation issued Rs.249 billion worth of fresh currency notes to meet the increasing demand on the occasion of EidulFitr.To meet this demand, Banking Services Corporation had made special arrangements with a focus to cover maximum stakeholders including the general public. Fresh banknotes worth Rs249 billion were issued this year, as compared to Rs154 billion issued last year.

According to details, the cumulative issuance of fresh banknotes by SBP under all arrangements stood at Rs249 billion. Out of this approx Rs31 billion comprised lower denomination notes of up to Rs100, while banknotes worth approximately Rs218 billion of higher denomination were issued for meeting heavy payments requirements and ATM needs of commercial banks.In order to ensure maximum issuance, all 16 field offices of SBP’s Banking Services Corporation issued fresh notes to the general public from its counters during the month of Ramazan. In addition to this, SBP had established its own counters in 150 designated branches of commercial banks.

Through these two sources, fresh banknotes valuing Rs12 billion were issued. Apart from the traditional modes of issuance,  SBP in coordination with Pakistan Banks Association (PBA) introduced using of Short Code service, on experimental basis for distribution of fresh notes.  It is stated that an overwhelming response was received to this initiative and it was able to cater to approximately 200,000 people in a week from 150 e-branches in 28 cities.

The fresh notes were made available from branches of nominated commercial banks called ‘e-branches’ from July 8. Besides special arrangements were made to ensure availability of cash throughout in ATMS during eid holidays too. 

Tailpiece : In 1948  denominations of 1, 5, 10 and 100 rupees were issued. The government continued to issue 1 rupee notes until the 1980s.  50 rupees notes were added in 1957; In 1986, 500 rupees notes were introduced, followed by 1000 rupees the next year.  In 2006, Rs.  5000 was introduced. Pakistani banknotes were bilingual, featuring Bengali translation of the Urdu text (where the currency was called taka instead of rupee), since Bengali was the state language of East Pakistan (now Bangladesh).

With regards – S. Sampathkumar

17th July 2015.

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