Sale of Fresh Currency Notes in Black Gains Pace
The citizens said that they were compelled to buy new notes in black at a higher price because the children demand crispy ones on Eid
As a pre-emptive measure against coronavirus spread, the State Bank of Pakistan (SBP) has announced not to issue new currency notes for the second consecutive year this Eid-ul-Fitr as well but its sale in black is underway outside the central bank’s building in Lahore.
The illegal trade of brittle currency notes is being carried out outside SBP’s building in Punjab’s capital Lahore, News360 learned.
The new notes consist of fresh copies of denominations of Rs 10, 20, 50, and 100.
A pile of Rs 10 fresh notes amounts to Rs 1,000 but the black marketers are charging Rs 250 extra from the buyers.
Similarly, Rs 300 are being charged on a pile of new currency notes of Rs 20 denomination.
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A person willing to buy Rs 50 new fresh notes has to pay Rs 5,300 instead of its original value Rs 5,000.
The rate of a bundle of Rs 100 is fixed at Rs 10,300, where Rs 300 go in the pockets of the vendors.
Citizens question illegal trade
In Pakistan, it is customary to give fresh crispy notes as Eidi on Eid-ul-Fitr to family members, particularly children.
After the ban on issuance of new notes by the central bank, the black marketers got a chance to mint money illegally from people who were yearning to get a fresh bundle.
While talking to News360, the citizens of Lahore said that they were compelled to buy new notes in black at a higher price because the children demand crispy currency notes on Eid.
“When we were young, we also liked to get new notes on Eid,” a citizen said.
Another one expressed concerns over the sale of fresh bundles in black and questioned how come they were being sold if the central bank had not issued it.
A local of Lahore said that the illegal activity could not be done without collusion of SBP’s staff and criticized the occurrence which was being carried out in broad daylight and that too outside the central bank’s building.
Further, Nawaz, a vendor selling fresh bundles in black, told News360 said that he was doing it to feed his children.
The reseller told he also purchased a fresh bundle at expensive rates and resold it to other customers with profit.
Nawaz accused that the long-running black market is run with the collusion of SBP’s staff, adding that the employees of central bank themselves sold fresh bundles to resellers.
He revealed that vendors in New Anarkali and other areas of Lahore trade fresh bundles with profit margins throughout the year.
