(CTN News) – The State Bank of Pakistan has begun a program to assist the general public in recognizing authentic Rs 5,000 notes in reaction to concerns voiced at the most recent Senate Standing Committee on Finance meeting.
This is in response to Committee member Kamil Ali Agha’s presentation of counterfeit notes at the meeting, which brought attention to the serious problem of counterfeit money.
You can tell real Rs 5,000 notes apart from counterfeit ones thanks to a new video from the State Bank. The movie aims to reduce the availability of counterfeit currency by teaching people how to recognize real bills.
Dr. Inayat Hussain, the deputy governor of the state bank, stressed at the Senate committee meeting that counterfeit money is an international problem, not just a Pakistani one.
He brought attention to the fact that there is no failsafe mechanism to prohibit the printing of counterfeit money and provided instances of counterfeit dollar notes that have been disseminated worldwide.
When committee member Kamil Ali Agha brought fake 5,000 rupees at the meeting, everyone looked at him funny.
People are worried about the quality of counterfeit currency in circulation since he failed to recognize their legitimacy even after presenting the Deputy Governor with false notes.
Deputy Governor Dr. Inayat Hussain reassured the committee that the State Bank will work to improve regulations regarding currency notes in response to their concerns.
He stressed that a comprehensive briefing would be delivered to the committee shortly, and steps would be made to resolve the persistent problem of counterfeit money.
Senator Salim Mandviwala urged the State Bank to act swiftly to stop the circulation of counterfeit currency. He voiced his displeasure with the problem’s persistence and stressed that counterfeit notes have been circulating for a long time and have even made it into the banking system.