Mohsin Siddiqui (Chief Reporter)

Tuesday, the Senate Standing Committee on Finance raised significant concerns about the widespread circulation of fake Rs5000 notes, revealing challenges even officials from the State Bank of Pakistan (SBP) faced in recognizing them.

Chaired by PPP Senator Salim Mandviwalla, the committee underscored the gravity of the issue during its meeting. Senator Mandviwalla emphasized the severity by presenting a bundle of counterfeit Rs5000 notes, highlighting that even parliamentarians are not immune to this form of fraud.

During the meeting, Senator Mandviwalla urged SBP’s Deputy Governor Dr. Inayat Hussain to identify the counterfeit Rs5000 notes, an attempt that reportedly proved unsuccessful. The committee chairman called for swift and decisive action from the central bank to address the widespread circulation of fake notes, suggesting that these counterfeit notes might be entering the system through banks.

Saleem Mandviwalla further proposed that the State Bank should facilitate the exchange of fake currency for genuine notes. However, the Deputy Governor expressed reservations, citing concerns about potential misuse and abuse.

Dr. Inayat Hussain, the SBP deputy governor, also highlighted the absence of a current system to prevent the printing of fake currency within the country. The news sheds light on the challenges and gaps in the existing mechanisms for detecting and preventing counterfeit currency.

This development points to the urgency for regulatory improvements and heightened vigilance within the banking system to curb the proliferation of fake currency in Pakistan. Stay tuned for updates on actions taken by the SBP and the Senate Committee on Finance to address this pressing issue.