KARACHI: The State Bank of Pakistan (SBP) has decided on introducing new currency notes with special security features to counter ‘counterfeit currency market’.
The new currency notes of all denominations would help to address rising complaints about fraud and fake notes, SBP Governor Jameel Ahmad said on Monday.
During informal conversation with journalists, Mr Ahmed said new currency notes would be printed on material, incorporated with state-of-the-art International Security Features to enhance security of the legal tender.
The SBP governor noted the decision was taken to combat individuals/entities involved in fake currency business.
“New currency would have new design and serial numbers to curb the circulation of counterfeit notes,” he added.
“Design framework for the new notes is in progress and likely to be completed by March”, he added.
The central bank’s decision on new currency notes is prompted by the alarming rise in complaints about fraud and fake notes in the country.
The Senate Standing Committee on Finance has already voiced concern over the alarming circulation of Rs5,000 notes. The counterfeit Rs5000 notes have even failed SBP officials to ‘recognise’.
During the meeting, the Senator asked SBP Deputy Governor Dr Inayat Hussain to recognise the fake Rs5,000 notes, but the latter ‘failed’.
