Qadir Bakhsh, Director Finance of the State Bank, has disclosed that the majority of fake currency notes in circulation in Pakistan are of 1000 rupees denomination. In a special conversation, he shared insights into the prevalence of counterfeit currency and measures taken by security agencies.
Key Points:
- Qadir Bakhsh highlighted that over the past two years, approximately 20,000 fake currency notes have been seized across the country.
- Security agencies have reportedly collected 35,000 fake currency notes from different banks, with 60 to 70 percent of them being 1000 rupees notes.
- No complaints of fake notes from ATMs have been reported to the central bank in the last year.
- If a fake note is dispensed from any bank’s ATM, the bank will face a 100% penalty of the counterfeit currency note’s value.
- Banks are required to retain CCTV footage of notes inserted in ATM machines for a duration of 90 days.
The revelation about the prevalence of fake 1000 rupees notes underscores the need for vigilance and stringent measures to curb counterfeit currency circulation. The State Bank’s focus on penalizing banks for dispensing fake notes from ATMs aims to ensure the integrity of the currency and maintain public trust in financial transactions.
