ISLAMABAD (PEN) : With Eidul Fitr fast approaching, many individuals are seeking new currency notes to give as “Eidi” during the festive celebrations. The demand for fresh bills spikes as people aim to share crisp, new notes with their loved ones. Here’s a guide to obtaining these new notes and the process involved.
The Process for Getting New Notes
According to bank officials, obtaining fresh currency notes is relatively simple. Customers need to visit their bank with a copy of their Computerized National Identity Card (CNIC). If the bank has new currency notes in stock, they will be issued right away.
“Customers can visit their respective banks, submit a copy of their CNIC, and request the new notes,” a bank representative confirmed. “The issuance of these notes is subject to availability, and if the bank has sufficient stock, they will be provided immediately.”
The Role of the State Bank of Pakistan (SBP)
The State Bank of Pakistan (SBP) plays a crucial role in the distribution of new currency notes. However, bank officials clarify that the SBP, not individual banks, determines the quantity of new notes allocated to each branch.
“The SBP decides how many fresh notes are issued to commercial banks, and banks must accept the allocated quantity,” explained a customer service manager at a private bank. “Sometimes, the SBP may not issue new notes at all, and in such cases, banks cannot change the allocation.”
Challenges with Limited Supply
Despite the straightforward process, obtaining new currency notes can be challenging due to limited supply. According to banking officials, the newly delivered notes are usually exhausted quickly after being distributed to banks.
“This year, fresh notes were delivered to banks around the 15th of Ramadan, but they were gone within a few days,” said one banker.
In previous years, the SBP used a digital token system, allowing customers to collect notes by sending a message to a designated number. However, this system has since been discontinued.
“Now, customers must visit their local banks in person to collect new notes,” the bank official added.
Distribution and Limits
Each bank branch typically receives a fixed number of currency bundles from the SBP, including Rs 10, Rs 20, Rs 50, and Rs 100 denominations. A branch generally receives 8 to 10 bundles of Rs 10 notes, 3 to 4 bundles of Rs 100 notes, and a limited supply of Rs 50 and Rs 20 notes.
“Each bundle consists of 10 packets, and a single branch typically receives between 80 to 100 bundles in total,” a bank official explained. “However, the demand from customers is very high, making it difficult to meet everyone’s needs.”
To ensure fairness, most banks limit the issuance of fresh currency notes to Rs 16,000 to Rs 18,000 per customer. This typically includes a mix of Rs 10, Rs 20, Rs 50, and Rs 100 notes.
Final Thoughts
As Eidul Fitr draws near, many will be hoping to secure new currency notes for the celebrations. Due to the limited stock and high demand, it is advisable for customers to visit their bank as soon as possible to increase their chances of getting fresh notes. While the process is relatively simple, supply challenges may still make it difficult for some to obtain the full amount they need.
