In Pakistani Markets, Rs.5000 Fake Notes are proliferating quickly.
Senate Standing Committee on Finance held a Meeting Expressing Deep Concern Over Widespread Circulation of Fake Rs.5000 Notes in Pakistani Markets.
Officials of State Bank of Pakistan also Failed Recognize Fake Notes.
While spotlighting the gravity of the issue, PPP Senator Salim Mandviwala who chaired the standing committee’s meeting tabled a bundle of Fake Rs5000 notes.
And said even parliamentarians are not immune to the fraud.
During the meeting, the Senator asked State Bank of Pakistan’s Deputy Governor Dr Inayat Hussain to recognise the fake Rs5000 notes, but the latter failed.
The chairman of the committee urged the central bank to take immediate action to control the wide spread of fake notes.
According to Saleem Mandviwalla, banks are allowing counterfeit notes to get into circulation.
Additionally, he suggested that the State Bank set up a system to swap counterfeit notes for real ones.
The deputy governor of SBP went on to say that the nation does not currently have a mechanism in place to stop the printing of counterfeit money.
Inayat Hussain observed that counterfeit dollars are being produced globally, but reassured that efforts are underway to enhance regulations for managing the manufacturing and distribution of counterfeit currency within Pakistan.
Saleem Mandviwalla appealed for remedial actions, underscoring the critical nature of the situation.
The committee unanimously agreed that a comprehensive policy should be developed to counter the growing use of counterfeit money, especially in the banking sector.
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