In a concerning development, the Senate Standing Committee on Finance convened on Tuesday to address the escalating issue of fake Rs 5,000 banknotes flooding markets across Pakistan. Committee Chairman Senator Saleem Mandviwalla urgently called upon the State Bank of Pakistan (SBP) to take decisive action to curb the widespread circulation of fake currency, a problem persisting for several years.
Despite discussions in October 2023, subsequent reports indicate little progress in implementing effective countermeasures. Shockingly, even officials from the State Bank of Pakistan failed to recognize the counterfeit Rs5,000 banknotes, raising serious concerns about the authenticity of the currency in circulation.
During the committee session, Senator Mandviwalla pointed fingers at financial institutions, suggesting that fake Rs5,000 banknotes enter circulation through these banks. The counterfeit notes reportedly closely resemble the authentic Pakistani Rs5,000 banknote, making it challenging for individuals to distinguish between genuine and fake currency.
The Deputy Governor of the State Bank of Pakistan assured the committee of imminent measures to address the issue, highlighting the implementation of stringent regulations. In response to the crisis, the committee chairman proposed a practical solution – facilitating the exchange of counterfeit currency for genuine notes. However, concerns were raised about the potential long queues resulting from such an exchange, prompting a careful consideration of the proposed solution’s practicality.
Senator Mandviwalla raised crucial questions about the extent of the State Bank’s authority and emphasized the challenges faced by the common man in differentiating between authentic and counterfeit currency notes. Urgency echoed through the proceedings as the committee collectively called for the development of a comprehensive policy to combat the escalating use of counterfeit currency, particularly within the banking system.
In a unanimous decision, the committee underscored the need for swift and effective measures to safeguard the financial integrity of the nation, urging the State Bank of Pakistan to take immediate action to address the pressing situation.
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