KARACHI: Following the long-standing tradition of giving “Eidi” to children after Eid prayers, the State Bank of Pakistan (SBP) has announced the official procedure for obtaining fresh currency notes for the upcoming Eid-ul-Fitr. The primary objective of this initiative is to facilitate citizens and curb the illegal sale of currency notes at high premiums in the open market.
The Official Step-by-Step Process
According to the SBP guidelines, citizens can secure bundles of fresh notes by following a simple SMS-based procedure. First, type your 13-digit CNIC number, followed by a space, and the Code of your nearest designated bank branch. Send this message to 8877.
Once sent, you will receive a reply containing a unique transaction code and the address of the bank branch. To collect the notes, visit the designated branch with your original CNIC and a photocopy. After verification of the transaction code, the bank will issue the new notes. The central bank has strictly clarified that no additional fee or service charge is applicable for this service through official channels.
The Black Market Reality
Despite the official system, many citizens turn to the open market due to limited bank quotas or for the sake of convenience. Exploiting this demand, profiteers are charging significant premiums. For instance, a Rs. 10 bundle worth Rs. 1,000 is being sold for Rs. 1,200 to Rs. 1,300, while a Rs. 50 bundle worth Rs. 5,000 is fetching between Rs. 5,500 and Rs. 6,000.
In Pakistan, the demand for Rs. 20 and Rs. 50 denominations peaks during Eid, as these crisp notes are a source of immense joy for children to buy toys and sweets.
