The Senate Standing Committee on Finance, chaired by PPP Senator Salim Mandviwala, expressed serious concerns about the increasing circulation of counterfeit Rs5000 notes in Pakistan.
The issue has garnered attention as even officials from the State Bank of Pakistan (SBP) struggled to identify these fake notes.
During the committee meeting, Senator Mandviwala presented a bundle of fake Rs5000 notes, highlighting that even parliamentarians are susceptible to such fraud. In a striking demonstration, he challenged SBP Deputy Governor Dr. Inayat Hussain to distinguish the counterfeit notes, but Hussain could not do so. This incident underscored the severity of the problem and the need for immediate action.
Senator Mandviwala urged the central bank to take decisive steps to stem the flow of counterfeit currency, suggesting that these notes might be entering circulation through banks. He proposed that the State Bank facilitate the exchange of fake notes for genuine ones. However, Deputy Governor Hussain rejected this idea, citing risks of misuse and abuse.
Hussain acknowledged the absence of a robust system to prevent the printing of counterfeit currency within Pakistan but reassured the committee of ongoing efforts to enhance regulations. The committee concluded with a unanimous call for developing a comprehensive policy to address the rising challenge of fake currency, especially within the banking system, emphasizing the urgency of this financial threat.
