Friday, December 8, 2023

Both Blue, Green Colour Rs 75 Banknotes are Legal: State Bank of Pakistan

The State Bank of Pakistan (SBP) has reaffirmed that both the green and blue Rs75 banknotes are legal tender, addressing concerns of non-acceptance by sellers and buyers across the country. These banknotes, issued to commemorate significant national milestones, hold legal tender status according to the State Bank of Pakistan Act, 1956, and are guaranteed by the Federal Government.

The Rs75 banknotes in predominantly green, introduced on August 14, 2022, to mark 75 years of Pakistan’s Independence, and the predominantly blue Rs75 notes introduced on July 4, 2023, to celebrate the SBP’s 75th anniversary, are valid forms of payment throughout Pakistan. They can be used for settling both private and public obligations, making them suitable for various transactions.

The SBP has underlined that it is not only authorized to issue these notes but is also obligated to accept them from the public. Despite the SBP’s clarification, some reports suggest instances of individuals, like shopkeepers and taxi drivers, hesitating to accept these notes. Nevertheless, successful usage has been reported when individuals explained the legal status of these commemorative banknotes, emphasizing their rightful acceptance in daily transactions. In conclusion, these banknotes remain legitimate currency and should be accepted by businesses and individuals as per the SBP’s guidance.

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