State Bank of Pakistan (SBP) to introduce new
currency notes to curb counterfeit bills
The State Bank of Pakistan (SBP) has tentatively decided to
introduce new currency notes across all denominations in response to an
increasing number of complaints about counterfeit notes, announced Governor
Jameel Ahmad on Monday.
During an informal conversation with journalists in Karachi,
Governor Ahmad stated that the decision aims to combat individuals and entities
involved in illicit financial activities within the country. The new currency
notes will be printed on material incorporating state-of-the-art International
Security Features to enhance the security of legal tender.
Increase
in Pak, China trade conducted in Chinese currency hailed
Furthermore, the new notes will feature a redesigned
appearance and unique serial numbers, contributing to efforts to curb the
circulation of counterfeit currency. The design process for the new notes has
already commenced and is expected to be completed by March.
Sources indicate that the decision to revamp the currency is
a response to the growing number of complaints regarding the circulation of
fake notes across the country. Last December, the Senate Standing Committee on
Finance expressed concern over the widespread circulation of Rs5000 notes, some
of which even officials from the SBP failed to recognize.
SBP
set to launch Pakistan's first digital currency
Highlighting the severity of the issue, PPP Senator Salim
Mandviwala, who chaired the committee's meeting, presented a bundle of
counterfeit Rs5000 notes and emphasized that even parliamentarians are not
immune to such fraud. The committee urged the SBP to take swift and decisive
action to address the widespread circulation of fake notes, suggesting that
counterfeit currency is entering circulation through banks.
The SBP deputy governor acknowledged the lack of a current
system to prevent the printing of fake currency within the country.
Source: ARY News