New Currency Notes Black Marketing
By Farid Masood • Sep 24th, 2008 • Category: Misc, Worth A Second Look • (4,154 views) • 2 CommentsFrom a cashier to vice president of different banks are involved in black marketing of new currency notes despite several orders issued by the State Bank of Pakistan.
The State Banks allows only one packet of new currency notes of any value to be issued against a computerized national identity card (which can be verified by NADRA). But staff of private banks is involved in black-marketing the new notes, which are issued by the State Bank in the month of Ramadan every year.
For the issuance of new currency notes pack or bundle ID cards from various person are collected and then kept in record to issue new notes. Then these notes are black-marketed to earn different types of rewards in return.
A cashier earns money in return of issuance of a packet. This commission depends upon the value of the packet. A packet of new five rupee notes having value of Rs 500 is being sold @Rs 520 to 550, Rupees five hundred goes to bank and Rs 20 to 50 in the pocket of that cashier.
During current Ramadan, the State Bank issued order for strict punishment if such evidence is witnessed. But here in Pakistan rules and orders are present without any implementation / counter-check.
Branch & Hub Branch Managers are also involved in this activity. They normally do not take money in return as their status is affected. They give packets / bundles of new notes and take other advantages and benefits in return and the State Bank has no control over it.
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September 24th, 2008
Yeah it happens every year. We have to change our practices to decrease demand of New Currency Notes. I personally never ever went after these new notes because it is just bad practice to waste time for useless effort. Even I was ofetn offered new notes (without extra payment) but I refused to get it. I don’t feel any thing special in this practice expect becoming part of this wrong practice.
Who will pay extra money if we will stop such wrong practices of buying such notes?
September 24th, 2008
Aaway ka aawa bigra how hay…God be our Help!!