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Banknotes

Insufficient cash, closures reported at ATMs in Karachi

KARACHI: The automated teller machines (ATMs) of several commercial banks stopping working on Friday causing immense inconvenience to citizens just a day ahead of Eid-ul-Azha, ARY News reported. The ATMs of several banks faced a shortage of cash while the network was not operational at several banks. Citizens face immense trouble in withdrawing cash in preparation for the festive occasion of Eid-Al-Adha. Long queues were witnessed at those ATMs which were operational. Many citizens express concern at the inconvenience…

SBP issues fresh banknotes worth Rs168 billion on Eid-ul-Azha 2017

KARACHI: The State Bank of Pakistan issued fresh bank notes of Rs168 billion on the occasion of Eid-ul-Azha 2017. To meet the increasing demand for fresh bank notes, the SBP Banking Services Corporation (BSC) made elaborate arrangements with a focus to cover maximum stakeholders including the general public, a SBP press release stated. The fresh notes included lower denomination notes (up to Rs100) of Rs8 billion and higher denomination banknotes (Rs500 and above) of Rs160 billion, which is meant for heavy payments and…

SBP acquires banknotes, prize bond printing functions of PSPC

KARACHI: State Bank of Pakistan has acquired the banknotes and prize bonds printing functions of Pakistan Security Printing Corporation (PSPC) from the federal government. The other security printing functions of PSPC including printing of passports, National ID Cards, stamp papers have been separated and vested into the National Security Printing Company (NSPC) a newly established company fully owned by the federal government. SBP said that being the sole issuer of banknotes in the country gives utmost importance to…

SBP clarifies authenticity of Rs500 banknotes without OVI feature

KARACHI: The State Bank of Pakistan (SBP) has clarified that Rs500 notes with and without Optical Variable Ink (OVI) flag both are authentic. The clarification came against the rumors circulating on social media regarding authenticity of Rs500 banknotes. It may be recalled that the SBP had introduced new design banknotes of Rs 500 in 2006. These banknotes carry state of the art security features, besides, change in size, design and color scheme. Later on another security feature, the color shifting flag made of OVI…

India’s Modi defends cash ban after criticism

NEW DELHI: Indian Prime Minister Narendra Modi hit back Friday at the mounting criticism of his decision to withdraw all high-denomination bank notes from circulation, describing the move as "for the larger social good". The November 8 move to ban the 500 and 1,000 rupees ($7.30, $14.60) notes -- some 85 percent of all bills in circulation -- as legal tender has sparked turmoil in the vast cash-reliant nation. Long queues have formed outside banks across the country as people try to get rid of their old notes, and the…