ISLAMABAD: Counterfeit notes in Pakistan are allegedly being dispensed by some bank ATMs, Senate Finance Committee Chairman Saleem Mandviwalla said Tuesday, citing PKR 5,000 and PKR 1,000 notes.
Mandviwalla raised the issue during a meeting of the Senate Standing Committee on Finance and Revenue. He also voiced concern over fake PKR 1,000 and PKR 500 notes circulating in the market.
He said sophisticated counterfeit currency had become difficult for ordinary people to identify. As a result, some daily-wage workers had become reluctant to accept larger-denomination notes.
Mandviwalla also alleged that banks did not replace counterfeit notes withdrawn from ATMs. He asked the State Bank of Pakistan (SBP) to address the lack of recourse for affected customers.
Read: Pakistan Alarmed by Surge in Counterfeit Rs5000 Notes
The senator said the committee had given three PKR 5,000 notes to an SBP deputy governor about a year earlier. According to Mandviwalla, verification later found one note counterfeit.
Read: Fake Rs 5,000 Notes Reported Across Karachi Markets
Meanwhile, the SBP deputy governor told the committee that work on new currency notes had begun. He said a ministerial committee headed by the finance minister had approved the designs.
The SBP was now working to ensure the new notes met required standards and remained durable in circulation. The Senate committee also sought details of the tender process and measures to prevent counterfeit notes from entering banking channels.
