SBP issue fresh note worth Rs.114.23 BN before Eid-ul-FITRA
I read news that SBP issued fresh note worth Rs.114.23 before Eid-ul-Fitra to facilitate the General Public.
Rs BN Rs
But more surprise that claim all fresh note supplied to all commercial banks but sorry to say that majority of bank are lacking of supply of fresh notes and informing short supplied or not received fresh notes but more interesting to share OPEN market fresh note available with no problem but the General Public have to have heavy premium when buying Rs.10, Rs.20, Rs.50 or Rs.100 fresh notes.
Which source open market get supply of fresh notes when State Bank of Pakistan have no supplied which mean without the help of SBP staff or those fresh notes supplied to commercial bank they sold out to get premium in open market.
That reasons SBP have punish the commercial banks those who sold fresh note worth Rs.10 to Rs.100 in the open market I suggest how to improve the supply and distribution of fresh note and asked all commercial banks to provide the list whom the distributed to state bank of Pakistan with in 3 workings days.
Rs,10 Rs,20 Rs,50 Rs,100
Rcvd from SBP
Provide Circulation List
I must say SBP realized to print fresh note before Eid ul Fitar but when a General Public asked for fresh note than he has to provide the copy of CNIC but when go to open market no such required but General Public have to pay the premium.
After Eid or any seasons if SBP officers or inspectors or General Public survey the open market than have no surprise how or which source fresh note supplied un-stop to open market but majority of commercial banks are complain that fresh notes supplied is a sweet dream even often SBP do not supplied the old notes.
Please check where the fault is and stop that officer miss using the power or authority of own benefit and deprive the general public.