All banks and exchange companies have been ordered by the State Bank of Pakistan not to staple currency notes both local and foreign.
The reason this decision has been taken is to ensure that authentic and high-quality currency notes are given to the public. Usually, the banks’ currency notes are stapled so that it gets easier to collect and count them. Furthermore, the general public also mishandles the currency notes which must be avoided.
The exchange companies were addressed especially the State Bank of Pakistan as the circular stated, “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.”
These instructions are that no currency notes of any denomination should be stapled, only the currency notes that are authentic can be exchanged and the demonetized currency notes should not be sold.
If the banks do not comply with these instructions they will be held accountable under the Foreign Exchange Regulation Act, 1947 relevant provisions.
Recently we also told our readers that the State Bank of Pakistan (SBP) has decided to facilitate the freelancers. A directive has been issued to the commercial banks to provide services to the freelancers that allow them to receive payments of up to $1,500/month.