SBP introduces new cash penalty structure

KARACHI: The State Bank of Pakistan has introduced new penalty structure to serve the public. According to new penalty structure on issuance of unauthentic notes to public will be awarded with the penalty of Rs. 100,000.

In a circular issued on Thursday, the central bank stated that in order to align the existing penalty regime for cash processing functions (CPC) with the Currency Management Strategy, a new penalty structure has been developed.

This new penalty structure will supersede all previous penalty instructions regarding cash management operations of the banks, said the circular. All banks were advised to ensure strict compliance with the currency management instructions issued from time to time.

The circular said that Rs100,000 would be fined as penalty for issuance of unauthenticated and unprocessed banknotes to public. Further, Rs20,000 will be fined if CPC, feeding bra­nches and other branches do not have separate clean and secure vault space, with proper safe-keeping arrangements.

And Rs10,000 will be fined if the vault does not have insurance cover. Rs20,000 if the entire CPC or sorting area is not covered by high resolution CCTV cameras.

UBL decides to approach FIA over fake messages campaign


Islamabad The United Bank Limited (UBL) has decided to approach  Federal Investigation Agency (FIA) over with “fake messages” being circulated on social media websites to damage its reputation.

According to a letter written by the chief legal counsel of the bank to the Pakistan Stock Exchange (PSX), some fake, false and malicious messages have been circulating for the last several months through social media, particularly WhatsApp.

The messages contain inter-alia, derogatory remarks against the bank with the intent to damage its reputation, said the letter.

The bank has decided to report this to FIA’s Cyber Crime Circle under the Prevention of Electronic Crimes Act (PECA), 2016 and other relevant laws.