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Eidi: fresh currency notes selling life hot cakes

KARACHI: Fresh and crisp currency notes of smaller denomination have turned to be one of the most sought after items on the eve of Eid as locals prefer to have these as "Eidis" for their youngsters.

Eidi, the token amount traditionally handed to children and people junior to one's age as gesture of joy on the festive occasion is definitely a must in the Eid agenda of all, belonging to any segment or strata of the society.

As the Eid is approaching fast and Friday being the last working day, people could be seen thronging various banks and money markets to get packets of new notes, particularly of smaller denominations of Rs 2, 5 and 10. Interestingly, though the above mentioned denominations may have lost their purchasing power, these still are much awaited by the children.

A big rush was witnessed since Friday morning at the counters of State Bank of Pakistan (SBP). While many could be noticed triumphant, succeeding in getting fresh note packets, there was also no dearth of those desperately chasing against the fast running time. Being Friday banks were to operate only till 11.30 a.m.

The two-rupee denomination notes were the most favourite of all currency units as the government has already stopped its printing and has got it replaced with new cooper-alloy coin. This provided the black marketers to have a day. It was available at exorbitant price.

"A packet of Rs 2 is being sold at a premium of Rs 50 in the blackmarketing and that is also very rare," said a banker.

The packet of Rs 5 denomination is the second choice of people, that too was available at a premium price of Rs 20 and pack containing 100 notes of Rs 10 can be bargained at Rs 150 in the black markets.

These black markets are located at different places in the city, but prominent among them are found at Boulton Market and Saddar.

Although the SBP is continuously issuing the new notes of each denomination (except Re 1 and Rs 2) at its counters, the commercial banks complain of non-availability of the new notes.

"People demand new notes, but we are unable to give them as SBP has not provided to us," an official at National Bank branch said.

The bank officials alleged that SBP counter people are supplying the new notes only to profiteers and black-marketeers to get their share in the black-marketing premium.

Most women at SBP counters were also seen to collect new notes for their dears. They complained that they could get only one or two packets, whereas some selected males were being provided countless packets by the counter people.ÑAPP