The State Bank of Pakistan has introduced a formal system to help citizens obtain fresh currency Notes before Eid-ul-Fitr. The initiative aims to make the process easier and reduce the illegal sale of new currency Notes in the open market.
Demand for fresh Notes usually increases during the days leading up to Eid. Many families prefer newly printed currency to distribute as Eidi to children during the celebrations.
According to the central bank, people can now apply for fresh currency Notes through a special SMS service. This system allows citizens to collect the Notes from designated bank branches after completing a simple registration process.
Under the procedure, applicants must send a text message to 8877. The message should include their 13-digit Computerized National Identity Card number. After the CNIC number, they must add a space and then enter the code of their nearest bank branch.
After sending the message, applicants will receive a reply from the system. The response SMS will include a unique transaction code. It will also provide the address of the specific bank branch where the Notes can be collected.
Citizens must visit the assigned bank branch to receive their fresh currency Notes. They are required to bring their original CNIC along with a photocopy for verification. Bank staff will check the documents before issuing the requested Notes.
The State Bank of Pakistan has clearly stated that no service charges apply for this facility. The central bank has warned the public not to pay extra money to obtain fresh Notes through unofficial channels.
Despite the official system, some people still purchase new currency from the open market. Traders often sell fresh Notes at higher prices during the Eid season.
Reports suggest that a bundle of Rs10 Notes worth Rs1,000 is sometimes sold for around Rs1,200 to Rs1,300 in the market. Similarly, a bundle of Rs50 Notes valued at Rs5,000 may be sold between Rs5,500 and Rs6,000.
Demand is particularly high for Rs20 and Rs50 Notes before Eid-ul-Fitr. Elders traditionally give these crisp Notes to children as Eidi.
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The central bank hopes the SMS system will make fresh Notes more accessible to the public. Officials believe the initiative will also discourage illegal selling of currency in the open market.
