The State Bank of Pakistan (SBP) has issued a clarification regarding the acceptance of both the green and blue Rs75 banknotes as legal tender. This clarification comes in response to reports of these special commemorative bills being rejected by various sellers and buyers across Pakistan.
According to the SBP, under Section 25 of the State Bank of Pakistan Act, 1956, all banknotes, including commemorative notes issued by the SBP, are considered legal tender throughout Pakistan for the amount indicated on the notes and are backed by the guarantee of the Federal Government.
This means that the banknote of Rs75, which is predominantly green and was issued on August 14, 2022, to commemorate 75 years of Pakistan’s Independence, and the banknote of Rs75, which is predominantly blue and was issued on July 4, 2023, to mark 75 years of SBP’s inception, are both legal tender and can be used for transactions across the country.
These banknotes are fully eligible to serve as a medium of exchange for settling private and public obligations. The SBP also stated that both the SBP and all commercial banks are obligated to issue and accept these banknotes from the public.
Despite these clear directives from the SBP, there have been complaints from citizens who have faced resistance from shopkeepers, taxi drivers, and other individuals when attempting to use these banknotes. Some individuals have reported success in convincing others to accept these notes by citing the SBP’s official statement.
