The State Bank of Pakistan (SBP) has released a statement on Thursday to clarify that both the green and blue colored Rs75 banknotes remain legal tender, addressing recent reports of these commemorative bills not being accepted by sellers and buyers across the country.
According to the SBP, under Section 25 of the State Bank of Pakistan Act, 1956, all banknotes issued by the SBP, including commemorative notes, are legal tender throughout Pakistan for the stated amount and carry the guarantee of the Federal Government.
The Rs75 banknote in predominantly green, issued on August 14, 2022, to commemorate 75 years of Pakistan’s Independence, and the Rs75 banknote in predominantly blue, issued on July 04, 2023, to mark 75 years of SBP’s inception, are both considered legal tender throughout the country. These banknotes are fully eligible to be used as a medium of exchange, serving the purpose of settling private and public obligations.
The statement emphasized that the SBP and all commercial banks are obligated to issue and accept these banknotes from the public.
However, complaints have arisen from citizens who have experienced shopkeepers, taxi drivers, and others refusing to accept these commemorative notes. Some individuals have reported that the notes were eventually accepted after they explained to the parties involved that the State Bank has officially confirmed the legal status of these banknotes.
In light of the SBP’s clarification, it is expected that awareness of the legal tender status of these commemorative Rs75 banknotes will improve.
The commemorative banknotes are meant to celebrate important milestones in Pakistan’s history and financial system, and they hold equal value as regular currency, making them suitable for all types of financial transactions.
The State Bank of Pakistan (SBP) has reassured the public that both the green and blue Rs75 commemorative banknotes are legal tender, following reports of their non-acceptance by some sellers and buyers.?