Following concerns raised during a recent
Senate Standing Committee on Finance meeting, the State Bank of Pakistan (SBP)
has launched an initiative to assist citizens in distinguishing genuine Rs
5,000 currency notes from counterfeit ones.
The initiative was prompted by Committee
member Kamil Ali Agha, who presented counterfeit notes during the meeting,
underscoring the urgent problem of fake currency in circulation.
To address this issue, the SBP has
released an informative video outlining the distinctive features of authentic
Rs 5,000 notes. The video serves as a guide for citizens to identify genuine
currency, aiming to curb the prevalence of counterfeit notes in the market.
During the committee meeting, Deputy
Governor Dr. Inayat Hussain highlighted that counterfeit currency is a global
problem, citing instances of fake dollar notes circulating internationally. He
stressed the lack of a foolproof system to prevent the production of
counterfeit currency.
SBP assurance improved regulations
A moment of concern arose when Committee
member Kamil Ali Agha presented counterfeit Rs 5,000 notes to Deputy Governor
Dr. Inayat Hussain, who failed to recognize the fake notes. This raised
concerns about the quality of counterfeit currency circulating in the market.
In response to these concerns, Deputy
Governor Dr. Inayat Hussain affirmed the SBP's commitment to strengthening
regulations related to currency notes. He assured the committee that measures
would be implemented to address the longstanding issue of fake currency. A
detailed briefing on these measures will be provided to the committee in the
near future.
Senator Salim Mandviwala expressed
frustration over the persistent issue of fake currency circulation, urging the
State Bank to take decisive action. He emphasized that the problem has been
ongoing for years, with counterfeit notes even infiltrating the financial
system through banks.
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