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NAROWAL: A man on Thursday deprived himself of his savings, as he mistakenly cuts Rs. 400,000 while cutting the fodder in a chaff-cutter machine, media sources reported.
The unfortunate incident took place in Narowal’s area of Shakargarh Ikhlaspura, where a livestock trader, Tariq, accidentally placed the massive sum along with the fodder under the blades.
“The amount was to be paid to someone but was mistakenly shredded to pieces,” Tariq told the media correspondent in a grieving tone.
Traumatized at the prospect of going broke, Tariq appealed to the State Bank of Pakistan (SBP) to change his tattered currency notes so that he can take a sigh of relief.
Criteria for replacement of defected banknotes
SBP’s regulations allow the replacement of mutilated/soiled banknotes, however, with certain conditions.
The rules stated on the SBP website say that “Pakistan legal tender banknotes which are damaged or mutilated (e.g. partially burnt, cut or decomposed) and which fulfil certain criteria are replaced by the Field Offices of SBP BSC, National Bank of Pakistan Chest /Sub-chest branches and the nominated branches of Commercial Bank.”
The website clearly defines the criteria as to what the mutilated and soiled notes are.
Notes which become dirty and limp (soft) due to humidity and their constant use/change of hands are considered to be soiled, whereas notes, which are torn, disfigured, partially cut damaged or slightly burnt provided a three-fourth portion be intact are to be considered as mutilated.
Notes divided into two pieces either horizontally or vertically but are in full (without the loss of any part) are also considered to be mutilated.
SBP rules state that the notes, which are torn into more than two pieces, oily, burnt and are more than half and require special examination.
The SBP, however, maintains that it is not liable to replace the notes that are less than half of a full note, found to be forged, deliberately cut, mutilated or tampered.