The Senate Standing Committee on Finance met on Tuesday, expressing grave concern about the widespread distribution of fake Rs5000 notes in Pakistan.
Senator Saleem Mandviwalla, the committee chairman, urged the State Bank of Pakistan to take immediate and decisive action to address the worrisome rise in fake money circulation, which has been a problem for many years.
According to information, even officials from the State Bank of Pakistan (SBP) were unable to identify the counterfeit Rs5,000 banknotes.
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Even though conversations on this topic occurred in October 2023, the following reports show no significant progress on implementing countermeasures.
Senator Mandviwalla turned his attention throughout the discussion to financial institutions, implying that the introduction of counterfeit Rs5,000 bank notes into circulation is assisted by these organizations.
According to sources, these counterfeit Rs5,000 banknotes closely resemble the actual Pakistani Rs5,000 banknotes, making it difficult for individuals to discern between genuine and counterfeit Rs5,000 banknotes.
In response, the Deputy Governor of the State Bank of Pakistan told the committee that immediate steps would be taken to control the situation, emphasizing the application of severe rules.
The committee chairman proposed a realistic approach, recommending that the State Bank assist the exchange of counterfeit cash for genuine notes.
However, the Deputy Governor voiced concerns about the potential long lines that may develop from such an exchange, necessitating a serious evaluation of the suggested solution’s practicability.
Senator Mandviwalla highlighted significant issues concerning the scope of the State Bank’s power, noting the difficulties that ordinary people have in discerning between genuine and counterfeit money notes.
The committee chairman emphasized the necessity for relief measures in response to the dire circumstances, which reverberated throughout the proceedings.
The committee unanimously recommended the adoption of a comprehensive program to address the growing use of counterfeit money notes, particularly inside the banking sector.
The seriousness of the situation was emphasized as the committee jointly called for immediate and effective steps to protect the nation’s financial integrity.
