SBP releases video to identify counterfeit Rs5,000 note
Business
The move comes after the issue was raised in a meeting of the Senate Standing Committee on Finance
(Web Desk) – The State Bank of Pakistan (SBP) has released a video to identify genuine Rs5,000 currency notes after reports that counterfeit tenders are in circulation.
The move comes after Senate Standing Committee on Finance member Kamil Ali Agha presented counterfeit Rs5,000 notes during a meeting, highlighting the pressing issue of counterfeit currency circulation.
The SBP video shows distinguishing features of an authentic Rs5,000 note. It guides people on how to identify genuine currency.
SBP Deputy Governor Dr Inayat Hussain told the meeting that the counterfeit currency was not only a problem in Pakistan but it was a global issue.
He said counterfeit dollars were being circulated internationally and highlighted the absence of a foolproof system to prevent the production of counterfeit currency.
Dr Inayat assured the committee that the SBP was committed to enhancing regulations related to currency notes.
He said measures would be taken to address the longstanding issue of counterfeit currency, and a detailed briefing would be provided to the committee in the near future.
Senator Salim Mandviwala urged the SBP to take action to prevent the influx of counterfeit notes. Expressing frustration over the issue, he said that the circulation of fake currency has been going on for years.
