ISLAMABAD: The Senate Standing Committee on Finance expressed worry about the widespread circulation of Rs5000 notes, a situation that officials from the State Bank of Pakistan (SBP) reportedly struggled to identify.
Highlighting the severity of the issue during the committee’s meeting, PPP Senator Salim Mandviwala, who chaired the session, presented a stack of counterfeit Rs5000 notes, emphasizing that even members of parliament are susceptible to fraud.
In the course of the meeting, Senator Mandviwala requested SBP’s Deputy Governor, Dr. Inayat Hussain, to authenticate the fake Rs5000 notes, but the latter was unsuccessful.
The committee chairman urged prompt and decisive action from the central bank to address the extensive circulation of counterfeit notes. Mandviwalla suggested that fake notes may be entering circulation through banks and proposed that the State Bank facilitate the exchange of counterfeit currency for genuine notes. However, the Deputy Governor declined, citing concerns about potential misuse and abuse.
The SBP deputy governor also mentioned the absence of a current system to prevent the printing of fake currency within the country. Inayat Hussain acknowledged the global issue of counterfeit dollars but assured that efforts were underway to enhance regulations for controlling the production and circulation of fake currency in Pakistan.
Simultaneously, Saleem Mandviwalla called for relief measures, underscoring the urgency of the situation. The committee unanimously advocated for the development of a comprehensive policy to address the escalating use of counterfeit currency, particularly within the banking system.
