State Bank of Pakistan Takes Vigorous Measures to Combat Counterfeit Currency: Releases Video Guide for Identifying Genuine 5000 Rupee Notes
In a proactive move to tackle the rising issue of counterfeit currency, the State Bank of Pakistan has issued a comprehensive video guide aimed at helping the public distinguish between authentic and fake 5000 Rupee notes. This initiative comes in the wake of revelations in the Senate Committee on Finance regarding the prevalence of fake currency notes, with Senator Kamal Ali Agha presenting counterfeit 5000 Rupee notes during a recent session.
During the committee meeting, Senator Kamal Ali Agha demonstrated the quality of the counterfeit notes to Deputy Governor of the State Bank, who was unable to differentiate them from genuine currency. This revelation prompted urgent calls from Senator Saleem Mandviwala to address the longstanding issue of counterfeit currency circulating through various banks.
Responding to concerns raised in the Senate Committee, Deputy Governor of the State Bank, Dr. Anayat Hussain, emphasized that counterfeit currency is a global challenge, citing instances of fake US dollars in circulation. Dr. Hussain acknowledged the absence of a foolproof system to prevent the printing of counterfeit currency but assured the committee that enhanced regulations and better oversight on currency transactions would be implemented to curb the issue.
Dr. Anayat Hussain further expressed confidence in gaining control over the counterfeit currency problem, assuring the committee that additional regulatory measures would be put in place. A briefing on these regulatory enhancements is expected to be provided to the committee in the near future.
The State Bank’s initiative to educate the public through a video guide reflects a proactive approach to safeguard the integrity of the currency and protect citizens from falling victim to counterfeit notes. As the issue gains attention in the Senate Committee on Finance, concerted efforts are underway to strengthen regulations and address the longstanding challenge of counterfeit currency in Pakistan.
