The Senate Standing Committee on Finance has expressed deep concern over the widespread circulation of counterfeit Rs5000 notes, bringing attention to the severity of the issue. During the committee meeting, PPP Senator Salim Mandviwala, who chaired the session, presented a bundle of fake Rs5000 notes and highlighted that even officials from the State Bank of Pakistan (SBP) failed to recognize them.
Senator Mandviwala urged swift action from the SBP to address the rampant circulation of counterfeit notes, emphasizing that the problem is affecting even parliamentarians. He suggested that the fake notes are entering circulation through banks and proposed that the SBP should facilitate the exchange of fake currency for genuine notes. However, the Deputy Governor of SBP, Dr. Inayat Hussain, expressed concerns about potential misuse and rejected the proposal.
Dr. Hussain acknowledged the absence of a system to prevent the printing of fake currency within the country and mentioned that efforts are underway to enhance regulations for controlling the production and circulation of counterfeit currency in Pakistan. The committee unanimously called for the development of a comprehensive policy to combat the rising use of fake currency notes, particularly within the banking system. The urgency of the situation was underscored, and relief measures were deemed necessary to address the issue effectively.
