Due to the coronavirus, the State Bank of Pakistan could not provide new currency notes to the banks on Eid, but the sale of new notes in black outside the SBP building is in full swing.
Every year during the month of Ramadan, the State Bank of Pakistan provides billions of rupees in new banknotes to the public for Eid-ul-Fitr. SBP had announced not to issue new notes to banks this year in view of Corona virus. According to the notification of SBP, new currency notes will not be issued on Eid-ul-Fitr this year. It has decided not to issue new notes. The notification was made at a meeting of the Code 19 Committee chaired by DG Banking and FMRM. The notification also said that no new currency would be issued to anyone, including government employees and former SBP employees.
Agents seem to be selling new Rs 10 notes in excess of Rs 300, while new Rs 20 notes are being sold in excess of Rs 350 for Rs 50 and new Rs 100 notes in excess of Rs 250.
The sale of new notes in black in the shadow of the SBP building has been going on for decades while no action has been taken against those selling notes in black.
Extracted from City42 News
