ISLAMABAD: The State Bank of Pakistan has launched an initiative following concerns raised in a recent Senate Standing Committee on Finance meeting.
This effort aims to assist citizens in identifying authentic Rs 5,000 currency notes after Committee member Kamil Ali Agha highlighted the issue of fake currency during the session.
As part of this initiative, the State Bank has released an educational video outlining the distinctive features of genuine Rs 5,000 notes.
The intention is to guide individuals in recognizing real currency, intending to curb the circulation of counterfeit notes in the market.
During the committee meeting, Deputy Governor Dr. Inayat Hussain stressed that counterfeit currency is not just a national concern but a global challenge.
He cited instances of fake dollar notes circulating internationally, underscoring the absence of a fail-safe system to prevent counterfeit production.
Member Kamil Ali Agha’s demonstration of counterfeit Rs 5,000 notes during the meeting raised alarms as their authenticity went unnoticed by the Deputy Governor. This incident prompted concerns about the quality of fake currency in circulation.
Responding to the committee’s apprehensions, Deputy Governor Dr. Inayat Hussain assured the enhancement of regulations related to currency notes. He pledged measures to tackle the persisting issue of fake currency and promised a comprehensive briefing for the committee soon.
Senator Salim Mandviwala urged the State Bank to take decisive steps to halt the influx of counterfeit notes. Expressing frustration over the prolonged issue, he highlighted how fake currency has seeped into the financial system, even infiltrating banks over the years.