In a bid to overcome problems linked to collection, sorting and replacement of spoiled notes and to offer better services to the residents, State Bank of Pakistan has announced a self-assessment compliance program for banks with regard to Clean Note Policy (CNP).

According to the notification (BPRD Circular No. 1), the Chief Compliance Officers of the banking institutions shall provide a certificate on a standard format, which would allow the implementation of Clean Note Policy by their banks in letter and spirit.

Moreover, the banks have to submit this compliance certificate in a period of 15 days from the beginning of each calendar year to the department of the Director Currency Management, State Bank of Pakistan and the Head Office of Banking Services Corporation in Karachi.

The circular added, “The compliance certificate for the calendar year ended 2009 should reach at the given address latest by January 15, 2010.”