SBP issues strategy to counter fake note menace

KARACHI: The State Bank of Pakistan (SBP) has issued a strategy to automate banks’ cash-processing functions by January 2017, which will curb the use of counterfeit currency in the economy.

Speaking at a ceremony at the SBP on Tuesday, SBP Governor Ashraf Wathra said the central bank is also in the process of installing state-of-the-art, high-speed banknote-processing machines at SBP Banking Services Corporation (BSC) Karachi and other important regions across the country.

He added that some advanced security features are also being added in the higher denomination currency notes of Rs500 and above and that these notes will be available for issuance by the third quarter of 2016.

“The average of fake notes in Pakistan is about two to three in one million notes in circulation. In contrast, the average in the South Asian region is six to seven per million notes,” Wathra said while speaking to reporters.

As part of its campaign “Rupay ko Pehchano,” the SBP has developed and launched a total of five videos on the security features of currency notes. It has developed one video for Rs5,000, Rs1,000 and Rs500 notes each while another video sheds light on the security features of Rs10, Rs20, Rs50 and Rs100 notes. One video highlights the security features of all currency notes in circulation.

He said the SBP has adopted a three-pronged strategy to combat counterfeiting.

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