Senate demands action over fake Rs5000 note circulation in Pakistan

Today, in the Senate Standing Committee on Finance the Senators demanded swift and decisive action from the State Bank of Pakistan to curb the widespread circulation of fake notes.

Senator Salim Mandviwala of the Pakistan Peoples’ Party (PPP) presented a stack of fake Rs 5000 notes to the Senate Standing Committee on Finance, underscoring the widespread circulation of counterfeit money.

During the meeting, what’s equally alarming was that even the Deputy Governor of the State Bank of Pakistan (SBP), Dr. Inayat Hussain, could not recognize the counterfeit notes.

The Deputy Governor refused to entertain the suggestion of replacing the fake notes with real ones, citing concerns about potential misuse and abuse, adding that there is currently no system in place to prevent the printing of fake currency within the country.

The committee called for the development of a comprehensive policy aimed at combatting the escalating use of counterfeit currency notes, particularly within the framework of the banking system.

The Deputy Governor assured the standing Committee to control the production and circulation of fake currency in Pakistan.