New Currency Notes
The State Bank of Pakistan (SBP) has announced a proactive measure to address the rising concerns of fake currency notes by introducing new banknotes. SBP Governor Jameel Ahmed shared this decision during an informal conversation with reporters after a press conference in Karachi on Monday. He expressed that complaints related to counterfeit currency notes have been on the rise, prompting the central bank to take action.
Governor Jameel revealed that the framework for the new currency notes has been initiated and is expected to be completed by March. The upcoming banknotes will incorporate international security features to enhance their authenticity. This move comes in response to the increasing instances of fake currency circulation, which has been a matter of concern for both the public and the central bank.
Last month, a prominent political figure, PPP leader Saleem Mandviwalla, reportedly presented a counterfeit Rs5,000 note during a meeting of the Senate Standing Committee on Finance. The deputy governor of the SBP failed to identify the fake note, leading to further scrutiny.
To address such incidents and create awareness, the central bank shared a video to help identify counterfeit Rs5,000 notes. Additionally, SBP Finance Director Qadir Bakhsh disclosed that counterfeit banknotes of Rs1,000 denomination were the most prevalent in circulation, with approximately 20,000 fake notes seized across the country in the past two years.
In the face of these challenges, the SBP aims to implement a comprehensive plan to introduce new currency notes with advanced security features, emphasizing their commitment to maintaining the integrity of the currency. The move is part of an effort to curb the circulation of fake currency and enhance public trust in the monetary system.
The announcement comes as part of the central bank’s ongoing efforts to address issues related to currency quality and security, demonstrating a commitment to adapting to evolving challenges in the financial landscape.
I am a dynamic professional, specializing in Peace and Conflict Studies, Conflict Management and Resolution, and International Relations. My expertise is particularly focused on South Asian Conflicts and the intricacies of the Indian Ocean and Asia Pacific Politics. With my skills as a Content Writer, I serve as a bridge between academia and the public, translating complex global issues into accessible narratives. My passion for fostering understanding and cooperation on the national and international stage drives me to make meaningful contributions to peace and global discourse.
