SBP Permits Banks to Use Quarantined Cash – Research Snipers

SBP Permits Banks to Use Quarantined Cash

All banks have been asked by the State Bank of Pakistan to use quarantined cash that has completed 14 days quarantine period.

In a circular previously issued on March 23rd, SBP directed all the banks to disinfect, seal and quarantine the cash that was collected from hospitals and clinics.

The banks that have the accounts of hospitals and clinics have been asked to make the essential arrangements so that the cash collected from these hospitals can be disinfected, sealed, and secured separately until a further order is given.

Must read: SBP Not to Issue Fresh Currency Notes This Eid

Now the State Bank of Pakistan has permitted the use of the quarantined notes that have completed the two-week quarantine period.

The circular issued read “Consequently, the credit given to banks on account of quarantined cash would be reversed on the fifteenth (15th) day from each reported date.”

Also, as per the World Health Organization, the life of coronavirus on porous surfaces like paper banknotes is lower in comparison to other hard surfaces.

Also Read: Sindh Traders to Reopen Businesses from Ramazan 15

The practice of State Bank on the matter is reviewed. This reveals that 14 days is enough to quarantine cash and disinfect them. Then these banknotes can be put back in circulation.

SBP said that the facility of same-day credit for quarantined cash introduced on March 23, 2020 will go on with contra debit on the 15th day.

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