Commercial banks to issue Rs5 & Rs10 fresh currency notes to general public for Eid-ul-Azha from tomorrow

KARACHI : Over 9,000 branches of commercial banks will start issuing fresh currency notes to the general public for the forthcoming Eid-ul-Azha from tomorrow.For this purpose, the SBP Banking Services Corporation has made elaborate arrangements for the supply of adequate quantity of fresh currency notes to commercial banks depending upon their branch network. Each of the 16 field offices of SBPBSC shall provide fresh currency notes to the designated branch of each commercial bank. These branches shall be responsible for delivery of these notes in quantities commensurate to the size of their branch, as per plan pre-notified to the concerned office of the SBPBSC.The branches of commercial banks will issue only one packet each of Rs 5/-and Rs 10/-per person from 4th November, 2010 till the last working day before Eid-ul-Azha, 2010 on production of original Computerized National Identity Card along-with a photo copy of it, for record to the visiting general public/account holders. Branches, however, may also issue a maximum of five packets each of Rs.5/-and Rs.10/denomination fresh notes to their corporate clients on receipts of request on the company’s letter head duly signed by the authorized representative.With a view to redressing the grievances of the general public, if any, in obtaining fresh currency notes from commercial banks, the SBPBSC has established a Help Desk which may be contacted at the telephone numbers 021-32455463 and 021-32455470. Complaints may also be lodged at the following e-mail address [email protected] or with the Chief Spokesman, State Bank of Pakistan, Karachi at his e-mail address [email protected]

The SBPBSC has put in place a mechanism for penalizing the banks in case any irregularity is committed by them in issuance of the fresh currency notes. Penalty will be imposed on banks found violating SBP instructions with regard to the issuance of fresh notes to the general public on the eve of Eid-ul-Azha, 2010. It may be added here that penalty is being imposed/ recovered from banks’ branches found violating SBP instructions with regard to the issuance of fresh notes to the general public during the last Ramzan-ul-Mubarak for Eid-ul-Fitr, 2010.LCCI severely criticizes Turnover Tax on LPG.LAHORE: The Lahore Chamber of Commerce and Industry, while severely criticizing the increase in Turnover Tax on LPG from 0.5 per cent to 1 per cent, has said that the it would not be doing any favour to the government rather it would be strengthening the corrupt elements as it would pave the way for ’out of book sale’.

In a statement issued here Wednesday, the LCCI President Shahzad Ali Malik said that with the increase in rate of turnover tax, the LPG consumer price would soar at least by 20 percent due to the cumulative effect of rise in international price as well as 0.5 percent jump in turnover tax.The LCCI President said that since the LPG is a high value product and usually sold in huge volume, the increase in Turnover tax would cause undue damage to people attached with LPG business.Shahzad Ali Malik said that there was no justification for the hike in turnover tax as government on Nov 2 had already withdrawn turnover tax for the OMCs (oil marketing companies), refineries and gas utilities. At a time when every segment of the economy was looking towards the government for some incentives, the government decision is bound to put a reverse gear to the economic activities.The LCCI President urged the government to take the decision back immediately to facilitate the end user and for creating level playing field for all the businesses.Presently the 11.8kg cylinder is being sold for Rs1,100, which will skyrocket to Rs1,300, he said and added the government will benefit nothing as it will result into out of book sale to evade tax – Onlinenews