KARACHI: The State Bank of Pakistan (SBP) has in principle decided to introduce new currency notes across all denominations following a rise in complaints about fake notes, its Governor Jameel Ahmad said on Monday.
In an informal conversation with journalists in Karachi, the SBP governor noted that the decision was taken to combat individuals/entities involved in illicit financial activities within the country.
Jameel Ahmad revealed that the new currency notes would be printed on material that would incorporate state-of-the-art International Security Features in a bid to enhance the security of the legal tender.
“The currency notes would also get new design and serial numbers, which would help curb the circulation of counterfeit notes,” he added.
The governor pointed out that the design framework for the new notes has already commenced and is anticipated to be completed by March.
Sources told that the decision to revamp the currency was prompted by a rising number of complaints regarding the circulation of fake notes across the country.
Last year in Dec, the Senate Standing Committee on Finance voiced concern over the alarming circulation of Rs5000 notes, which even officials of State Bank of Pakistan (SBP) failed to ‘recognise’.
While spotlighting the gravity of the issue, PPP Senator Salim Mandviwala – who chaired the standing committee’s meeting – tabled a bundle of counterfeit Rs5000 notes and said even parliamentarians are not immune to the fraud.
During the meeting, the Senator asked State Bank of Pakistan’s (SBP) Deputy Governor Dr Inayat Hussain to recognise the fake Rs5000 notes, but the latter ‘failed’.
The committee chairman demanded swift and decisive action from the central bank to curb the widespread circulation of fake notes. Saleem Mandviwalla suggested that that fake notes are entering circulation through banks.
SBP deputy governor further said that there is currently no system in place to prevent the printing of fake currency within the country. –Agencies
