Mohsin Siddiqui (Chief Reporter)

The State Bank of Pakistan (SBP) has taken an in-principle decision to roll out new currency notes across all denominations, as announced by SBP Governor Jameel Ahmad during an informal conversation in Karachi.

This move comes in response to the escalating complaints regarding fake currency circulation within the country, aiming to combat individuals and entities engaged in illicit financial activities.

Jameel Ahmad elaborated that the upcoming currency notes will be printed on material featuring state-of-the-art International Security Features, enhancing the security of the legal tender.

“The incorporation of new designs and serial numbers in the currency notes will aid in curbing the circulation of counterfeit notes,” added the governor.

Ahmad revealed that the design framework for the new notes has already commenced and is expected to be finalized by March.

Last December, the Senate Standing Committee on Finance expressed concern over the alarming circulation of fake Rs5000 notes, which even SBP officials failed to identify.

During a meeting chaired by PPP Senator Salim Mandviwala, the committee members were presented with counterfeit notes, highlighting the severity of the issue.

SBP’s Deputy Governor Dr. Inayat Hussain admitted the absence of a system to prevent counterfeit currency printing within the country.

Senator Mandviwalla urged swift action from the central bank to address the widespread circulation of fake notes, suggesting that banks could be potential entry points for counterfeit currency.

In light of these developments, the SBP’s initiative to introduce new currency notes with advanced security features signifies a proactive approach to combatting the menace of counterfeit currency.