KARACHI, Aug 13: The State Bank of Pakistan (SBP) on Monday said it will impose a fine on banks if fresh currency notes are found on sale in the market.

The fine would be of Rs100,000 per wrapped bundle (10 packets) and Rs50,000 per five packets (in serial).

It also advised banks to not issue bundles of small denominations (Rs10 to Rs100) of fresh currency notes, which were issued to them by the field offices of SBP Banking Services Corporation (SBP BSC), as the same can be sold in the market on premium.

SBP said teams from field offices of SBP BSC have also been constituted to monitor the supply of fresh currency notes to the general public by banks.

Verification teams of SBP BSC will also monitor the compliance of SBP instructions by visiting banks’ branches and their vaults as per the prescribed procedure. These steps have been taken by SBP to prevent the sale of fresh currency notes in the market on premium.—Staff Reporter