state bank of pakistan initiates overhaul of currency notes to counter counterfeiting issues
The State Bank of Pakistan (SBP) is Planning to introduce New Currency notes for all Denominations Due to the increasing Complaints about Fake Notes. SBP Governor Jameel Ahmad mentioned that this Decision aims to Tackle individuals and Entities involved in illegal financial Activities within the Country. The New Notes will be made with State-of-the-Art International Security Features to Enhance their Security and they will also Feature a new Design and Serial Numbers to help Prevent the Circulation of Counterfeit Notes.
Governor Jameel Ahmad Highlighted that the Design Process for the New Notes has Already begun and is Expected to be Completed by March. The Decision to Revamp the Currency Comes as a Response to the Growing number of Complaints about Fake Notes Circulating across the Country. Last December the Senate Standing Committee on Finance Expressed Concern about the Alarming Circulation of Rs5000 notes some of which even Officials of SBP Couldn’t Recognize.
In a meeting Chaired by PPP Senator Salim Mandviwala who is also the Committee Chairman he Presented a Bundle of Counterfeit Rs5000 notes Emphasizing that even Parliamentarians are not immune to this Fraud. During the meeting the Senator asked SBP’s Deputy Governor Dr. Inayat Hussain to Recognize the fake Rs5000 Notes but he couldn’t. The Committee Demanded Swift action from the Central Bank to Curb the Widespread Circulation of Fake Notes, Suggesting that Counterfeit notes are Entering Circulation through Banks.
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The new Currency notes initiative Aims to address these Challenges by incorporating advanced Security measures and Redesigning the notes. SBP’s Focus is on ensuring the integrity of Pakistan’s Monetary System and Protecting Citizens from the impact of Counterfeit Currency. The introduction of new Designs and Security Features is expected to Significantly Reduce the Circulation of Fake Notes, Fostering trust in the Country’s Currency.
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As the Design Process Progresses SBP remains Committed to Creating a More Secure and Reliable Currency for the Benefit of the Nation.