Banks Fail To Meet The Deadline for Issuing Authentic Rs. 50 Notes

Authenticated Rs. 50 banknotes, There are many banking companies that have failed to meet the deadline to issue machine-based.

Banking companies were supposed to authenticate Rs. 50 notes through suggested machines but these banks cited issues while including the very high frequency of currency notes of this denomination and limited resources.

The central bank extended the deadline for the 3rd time from January 02, 2020, to January 04, 2021.

Already the Rs. 50 notes had extended the deadline from January 02, 2019, to January 02, 2020.

However, the backs have gifted their own target of verifying the authenticity of banknotes from Rs. 100.

“The central bank issued instructions to banks aimed at ensuring issuance/disbursement of machine authenticated genuine banknotes by banks through their branches/ATMs to promote interbank cash exchange/trade, acceptance of fit/re-issuable banknotes by SBP-BSC only as a last resort against a service charge, and eliminating redundancies in the existing cash operations of banks and promoting clean notes in the economy.”

The Microfinance banks and Commercial banks “Currency Management Strategy”, they had kicked off the verification and authentication of currency notes throughout the country in many phases in 2015.

The commercial banks have been successfully implemented the very first phases of the strategy by installing high-tech machines in more than 30 cities and districts.

What is Bank?

“A bank is a financial institution that accepts deposits from the public and creates credit. Lending activities can be performed either directly or indirectly through capital markets. Due to their importance in the financial stability of a country, banks are highly regulated in most countries. “

The second phase was implemented for all denominations of banknotes in 2016 until 2018.

In the last phases, the banking companies were asked to disburse the banknote denomination of Rs. 50 yet which is to be finished.

The denominations of Rs. 30 and Rs.10 the lower banknote have been excluded from the strategy.

The banks Microfinance and Commercial have set up special centers in many cities, districts, and they have installed high-technology machines for the verification of banknotes.

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The aim of this currency management strategy is to improve the supervision and regulation of banks & cash processing centers/houses for assuring the best quality banknotes in circulation and combating counterfeiting.

Actually, the aim of this strategy is to introduce modern, reliable and easily recognizable security features in banknotes.

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