8877 service fails to fully meet public demand
By M J Hayat
LAHORE: The State Bank of Pakistan’s (SBP) 8877 service has failed to fully satisfy the general public with new currency notes ahead of Eid-ul-Fitr as the fresh notes are being sold on heavy commission around the State Bank of Pakistan building in the City besides the service touched its limits the very next day the service was launched.
“Even the bank branches have to purchase the new currency notes from the open market.
On an average for 5,000 customers of a branch two fifty bundles of different denominations are never rational and sufficient.
If you want to see where the currency notes go, visit the SBP Lahore surrounding,” an operation regional head of MCB Lahore told Daily The Business.
He said that the system of distributing new currency notes especially during the Eid days is illogical that disrupt the smooth banking.
Where the currency notes are being sold around the SBP building, the general public also expresses its disapproval of the 8877 service as they complained that they very next day the service failed to respond positively.
“To which ever branch I sent my ID card number on June 2 and 3, I received the message that the branch where I sent ID card number, had already reached its limit,” Muhammad Husnain, said, adding that I sent my ID card number to round about 30 to 35 branches but failed to book the new currency.”
Where the currency notes? A branch manager of HBL said that this is an open secret that a mafia is operational and everyone knows where the new currency goes.
He asserted that throughout the year the notes are used in making currency garlands which are used in marriage events besides these notes are also used for show off in marriages and other events.
“If you goes and visit to the Shah Alam Market you would be in better position to understand where the new currency notes go,” he said adding that this is a multi-billion business and it cannot be done without the due involvement of the concerned authorities.
What do you think, he question, a poor lady at the age of 50 to 60 who is selling notes in the surroundings of the State Bank is in a position to deal in the new currency notes, never, he answered, explaining that there are dealers behind them.
The old women and men are their instruments whom the dealers launch to sell the currency notes of whatever the quantity and whatever the denomination is that.
He also disclosed that officials from State Bank of Pakistan are often involved in the illegal business as they are given a set amount in exchange.
The government and the top State Bank of Pakistan authorities must have to break the nexus between the new currency note dealers to enable the general public avail the opportunity of getting free of cast new bank notes, the manager said.
The service 8877 cannot give the required results till the illegal trading of currency notes is overcome, he concluded.