Fake Currency
The State Bank of Pakistan (SBP) has brought attention to a concerning trend, revealing that counterfeit Rs1,000 currency notes are circulating more extensively than other denominations. Qadir Bakhsh, the Director of Finance at SBP, disclosed on Thursday that a total of 20,000 fake currency notes had been discovered in the country over the past two years. Remarkably, there have been no complaints received in the past year, suggesting potential challenges in detection or reporting.
Bakhsh further highlighted consumer complaints regarding the receipt of counterfeit notes from ATMs nationwide. In response to such incidents, he emphasized that if a fake note is identified, the bank responsible would be fined an amount equivalent to the face value of the forged note. This punitive measure aims to hold financial institutions accountable for maintaining the integrity of currency circulation.
Moreover, Bakhsh underscored that banks are obligated to securely retain CCTV footage from ATMs for a period of ninety days. This requirement serves as a crucial tool for investigations into incidents of counterfeit currency circulation and aids in identifying potential perpetrators.
In a related incident in December, the SBP’s deputy governor faced embarrassment during a Senate Committee meeting when asked to authenticate a Rs5,000 note. Subsequently, the SBP took corrective action by releasing a video highlighting the identifying features of the Rs5,000 note. This incident emphasized the need for enhanced awareness and vigilance within the banking sector to combat the proliferation of counterfeit currency.
The revelation of a significant number of fake Rs1,000 notes in circulation raises concerns about the efficacy of current anti-counterfeiting measures and the need for more robust strategies to safeguard the integrity of the national currency. The SBP’s efforts to address these challenges, including the imposition of fines and enhanced surveillance, reflect a commitment to maintaining trust in the financial system.
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