SBP - Mobile SMS Service for fresh currency notes

According to a notification, issued by the State Bank of Pakistan (SBP), the bank has has introduced SMS Service, in collaboration with Pakistan Banks’ Association (PBA), for issuance of fresh currency notes to the general public on Eid-ul-Fitr. The move is aimed at further facilitating the general public in acquiring fresh currency notes on the eve of Eid-ul-Fitr. These fresh notes will be available from nominated commercial bank branches called “e-branches”.

According to the notification, the issuance to the general public through Mobile SMS service will commence from July 8, 2015. A person will be required to send an SMS message comprising his/her CNIC/Smart Card number along with desired bank branch code [e.g. CNIC Number (space) branch code] to 8877. The branch reference codes of nominated e-branches are available at SBP website (www.sbp.org.pk) and PBA website (www.pakistanbanks.org). In return, the person will get SMS containing their transaction code, branch address and transaction validity date. This transaction code will be valid for a maximum of two working days. The person will approach concerned bank branch along with their original CNIC/Smart Card and short code received from 8877 and get the defined quota of fresh notes.

According to SBP, the quota of fresh notes to be issued comprises of one packet each of Rs.10/-, Rs.20/-, Rs.50/- with an optional packet of Rs. 100/- as per availability of stock with the concerned branch. It is also notified that a person can get fresh notes quota only once from their mobile phone number using their CNIC/Smart card number during the whole of Ramzan, 2015. The charges for these services are Rs. 2/- plus tax, therefore, people are advised to avail the facility only once since additional SMS will only add to their cost.

According to the notification, this process has been started on experimental basis for obtaining fresh currency notes and depending upon its success, it will be expanded to more cities.

Tags: SBP, Pakistan, Banks, Business

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