Fresh notes still remain the hottest Eid <i>selami</i>
Fresh bill dealers doing brisk business at Gulistan as Eid nears.Photo: STAR
Abidur Rahman, a resident of Tajmahal Road in Mohammadpur, stood in a queue for about two hours at a commercial bank in Karwan Bazar on Thursday. Apart from drawing money for Eid shopping, he went through extra hassle gladly to have new taka bills exchanging old and soiled notes worth around Tk 500.
“Going home for Eid means meeting a crowd of nieces and nephews after a long time. On the morning of Eid they all gather round me for selami. A new note always makes them extra happy and that is why this extra hassle,” said Abidur.
Abidur explained the tradition of Eid selami, “Every young member of the family will get an amount of selami on the Eid morning. The youngest will get 5 taka and the oldest 100 taka, all in fresh bills.”
Giving out Eid selami with fresh notes has become a custom in Bangladesh. The amount of selami varies depending on the economic background of different families.
During every Eid new taka bills become one of the hottest merchandises in the city. Dhaka residents pay extra to get them as per their need. Bangladesh Bank releases fresh notes right before every Eid to meet the high demand. People queue up at banks to exchange old and dirty bank notes for new ones.
Like every year BB has released fresh bank notes of various denominations of around 5.5 thousand crore taka this year. The commercial banks and Bangladesh Bank experienced a huge rush during the past few days with majority of the clients asking for fresh notes.
Toufiq-E-Elahi, a senior assistant vice president of Trust Bank Limited, said, “Everyone who withdrew from their account during the past few days wanted fresh notes. This is a common request during every Eid. This year we faced around 40 percent extra demand for new notes.”
Most clients are asking for fresh notes of smaller bills. The demand for two and five-taka bill is higher than this year's supply. Ten and 20-taka notes are also in great demand and their supply is quite well, the banker said.
Elahi however mentioned that there is no supply of fresh 50-taka bills.
The tradition of fresh notes for Eid selami also boosts illegal trade of bank-note exchange in the city. Operating at Gulistan, Nawabpur Road, Sadarghat, New Market and some other places the fresh note traders also saw a huge rush of customers.
Tattered and torn bank notes can easily be exchanged for new ones through these vendors for a certain amount of commission.
“Many people come to us just to avoid the hassle at the bank. Who would want to go to a bank just to exchange a tattered 2 or 5-taka note?” said Kalam, a bank note changer near Gulistan underpass.
“My transactions usually take place mostly with people who just stop by on their way. But during Eid many people come from a long way to make the exchange,” he added.
Hailing from Tangail, Kalam has been involved in this business for the last 16 years. His work starts every day at around 9:00am standing in line at the Bangladesh Bank counter where he exchanges bundles of old bills for new ones.
The vendors usually charge 10 to 20 per cent commission from the customers. During Eid exchange rate increases. Transaction rate also depends on the quality of the bills.
“If it is too worn out I make a good profit. If it is burned or shredded to pieces it is even better for me,” Kalam said.
For a slightly worn out 10-taka bill, Kalam's offer is Tk 8. For a badly burned 50-taka note he returns Tk 35 to 40. If it is a 100-taka bill, then he can profit as much as Tk 25.
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