SBP clears confusion: Rs75 green and blue banknotes accepted everywhere

WEB DESK: The State Bank of Pakistan (SBP) issued a statement on Thursday, clarifying that both the green and blue coloured Rs75 banknotes are legal tender, amidst reports of sellers and buyers across the country refusing to accept these commemorative bills.

In accordance with Section 25 of the State Bank of Pakistan Act, 1956, all banknotes, including commemorative notes issued by SBP, hold the status of legal tender throughout Pakistan for the specified amount and bear the guarantee of the Federal Government.

The SBP said that the Rs75 banknote predominantly in green, introduced on August 14, 2022, in commemoration of Pakistan’s 75 years of independence, and the Rs75 banknote predominantly in blue, released on July 04, 2023, to mark 75 years of the SBP’s establishment, are both valid legal tender across the nation.

These banknotes possess the same validity for transactions, serving as a medium of exchange for settling private and public obligations, as highlighted in the statement.

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Furthermore, both the SBP and all commercial banks are obligated to issue these banknotes to the public and accept them in return.

It was previously reported that citizens had faced issues as several individuals, including shopkeepers, taxi drivers, and others, were reluctant to accept these commemorative notes.

The SBP’s recent clarification reaffirms the legal status of these banknotes, ensuring their acceptance in all transactions throughout Pakistan.