State Bank of Pakistan (SBP) has directed all banking companies, especially exchange companies, to avoid stapling of local and foreign currency notes of any denomination.
The directives were taken to promote the availability of authentic and good quality currency notes to the general public through its comprehensive currency management strategy for banks.
It is usually observed that bank currency notes are stapled for the ease of counting and collection. Not only banks and exchange companies but public in general also mishandle local and foreign currency notes, which should be avoided.
The central bank addressed exchange companies in its circular saying:
“In order to ensure that Exchange Companies & Exchange Companies of ‘B’ Category also promote the above culture, they are advised to follow the following instructions for Pak Rupees notes as well as foreign currency notes'”
- Currency notes of any denomination shall not be stapled.
- Only authentic currency notes shall be exchanged.
- Demonetized currency notes shall not be sold.
Exchange Companies & Exchange Companies of ‘B’ Category shall also develop detailed Standard Operating Procedures taking into consideration the above instructions, get the same approved by their Chief Executive Officer and implement them throughout their network.
It may carefully be noted that failure to comply with the above instructions shall attract regulatory action under the relevant provisions of the Foreign Exchange Regulation Act, 1947, the central bank stated.