Concerns rise over circulation of fake Rs5,000 banknotes

In a recent meeting, the Senate Standing Committee on Finance convened to address the escalating circulation of counterfeit Rs5,000 banknotes, a matter that has raised serious apprehensions among officials, including those from the State Bank of Pakistan (SBP).

Chaired by Senator Salim Mandviwala, the committee delved into the severity of the issue as it showcased a bundle of forged Rs5,000 notes.

Senator Mandviwala, underscoring the gravity of the situation, asserted that even parliamentarians are susceptible to falling victim to this fraudulent activity.

During the proceedings, Senator Mandviwala directed a challenge to SBP’s Deputy Governor, Dr. Inayat Hussain, urging him to identify the counterfeit notes.

However, the attempt was met with a purported failure on the part of the Deputy Governor.

Expressing the need for immediate and decisive action, the committee chairman called upon the central bank to take robust measures to combat the widespread dissemination of counterfeit currency.

Mandviwala suggested that the infiltration of fake notes into circulation might be occurring through banks.

A noteworthy proposal from Senator Mandviwala involved the exchange of counterfeit currency for genuine notes, an idea promptly dismissed by Deputy Governor Inayat Hussain.

The latter cited concerns about potential misuse and abuse as the basis for the refusal.

During the discussion, Hussain acknowledged the absence of a concrete system to prevent the printing of fake currency within the country.

He further elaborated that while counterfeit dollars are a global issue, efforts are underway to enhance regulations to control the production and circulation of fake currency, specifically within Pakistan.

According to ARY News, Mandviwala, highlighting the urgency of the situation, called for immediate relief measures. The committee, in unanimous agreement, advocated for the formulation of a comprehensive policy to combat the growing use of counterfeit currency, particularly within the banking system.

The committee stressed the necessity of proactive measures to safeguard the financial integrity of the nation.