In response to concerns raised during a recent Senate Standing Committee on Finance meeting, the State Bank of Pakistan has launched an initiative to help citizens identify genuine Rs 5,000 currency notes.
The move comes after Committee member Kamil Ali Agha presented counterfeit notes during the meeting, highlighting the pressing issue of fake currency circulation.
Educational video released by SBP
The State Bank has released an informative video detailing the distinguishing features of authentic Rs 5,000 notes. The video guides citizens on how to identify genuine currency, aiming to curb the circulation of counterfeit notes in the market.
During the Senate committee meeting, Deputy Governor of the State Bank, Dr. Inayat Hussain, emphasized that counterfeit currency is not only a problem in Pakistan but a global issue.
He cited examples of fake dollar notes being circulated internationally and highlighted the absence of a foolproof system to prevent the production of counterfeit currency.
Committee member Kamil Ali Agha raised eyebrows when he presented counterfeit Rs 5,000 notes during the meeting. Despite showing the fake notes to the Deputy Governor, the authenticity of the notes went unrecognized, prompting concerns about the quality of counterfeit currency in circulation.
SBP pledges improved regulations
In response to the committee's concerns, Deputy Governor Dr. Inayat Hussain assured that the State Bank is committed to enhancing regulations related to currency notes.
He emphasised that measures will be taken to address the longstanding issue of fake currency, and a detailed briefing will be provided to the committee in the near future.
Senator Salim Mandviwala urged the State Bank to take decisive action to prevent the influx of counterfeit notes. Expressing frustration over the persistent issue, he emphasized that the circulation of fake currency has been ongoing for years, with counterfeit notes even entering the financial system through banks.
