Alert! Fake Rs5000 notes in market

Senate Committee Addresses Concerns Over Circulation of Counterfeit Rs5000 Notes

ISLAMABAD: The Senate Standing Committee on Finance convened to address growing concerns surrounding the widespread circulation of counterfeit Rs5000 notes, prompting urgent action to tackle the issue. During the meeting chaired by PPP Senator Salim Mandviwala, the severity of the matter was underscored, with committee members, including officials from the State Bank of Pakistan (SBP), expressing alarm.

1. Alarming Presence of Counterfeit Notes:

Senator Mandviwala raised concerns about the alarming prevalence of fake Rs5000 notes, revealing a bundle of counterfeit currency during the committee meeting.

Highlighting the gravity of the situation, he emphasized that even SBP officials were unable to identify the fake notes, indicating the sophistication of the counterfeit operation.

2. Parliamentarians Not Immune:

The committee chair emphasized that the issue extends beyond the general public, noting that even parliamentarians are not immune to falling victim to the circulation of counterfeit currency.

3. Urgent Call for Action:

Senator Mandviwala called for swift and decisive action from the central bank to address the widespread circulation of fake notes.

Expressing concern that fake notes may be entering circulation through banks, he urged the SBP to take immediate measures to curb this illicit activity.

4. Proposal for Currency Exchange:

To address the issue, Mandviwala proposed that the State Bank facilitate the exchange of counterfeit currency for genuine notes. However, this suggestion was met with reluctance by the SBP Deputy Governor Dr Inayat Hussain, citing concerns about potential misuse.

5. Lack of Preventive Measures:

Dr Hussain acknowledged that there is currently no system in place to prevent the printing of fake currency within the country.

He assured the committee that the SBP is working on enhancing regulations to control the production and circulation of counterfeit currency within Pakistan.

6. Committee’s Call for Comprehensive Policy:

Recognizing the urgency of the situation, the committee unanimously called for the formulation of a comprehensive policy to combat the escalating use of fake currency notes, particularly within the banking system.

The committee emphasized the need for collaborative efforts to address this issue, safeguarding the integrity of the country’s financial system.

Read more: SBP keeps interest rate unchanged at 22pc

As the Senate Committee on Finance addresses the challenges posed by counterfeit currency, stakeholders are urged to work together to develop effective strategies and policies to ensure the security of the nation’s monetary system.