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Thursday, August 02, 2007

New Currency Notes

Last year, when the government introduced new design of currency notes it claimed that these notes were of improved design and it was impossible to make a counterfeit note of the same design.

A number of people made the hullabaloo over the identical size, colour and design of Rs.20 and Rs.5000 note. Reportedly, many people have spent Rs.5000 note considering it a Rs.20 note because of the similarity between them. Government, on the other hand gives the example of the US currency where all the notes are of the same size, shape and colour and still people are not mistaken while spending money.

Whereas the new currency notes are very unimpressive and of bad quality, their counterfeits have also been made especially the market is flooded with counterfeits of Rs.100 and Rs.500 currency notes. Please be cautious while taking these notes.
Post Contributed at The Pakistani Spectator

4 comments:

Anonymous said...

SBP Official said...
Intelligence agencies claim the fake notes came from tribal areas. There were unconfirmed reports that miscreants, challenging the writ of the government in troubled areas, may have released the fakes notes.

The authorities concerned have been receiving complaints daily about counterfeit currency. The fake notes have been made with very fine quality paper and printing making it difficult for people to tell them apart from genuine notes.

Shopkeepers, taxi drivers and petrol pumps have fallen victim to the fake currency notes. Anwar Ali, a shopkeeper, was one of them. He complained to a bank about the counterfeit currency note. He said he went to the bank to check whether the government would compensate him, but the cashier took the fake note from him without compensating for it.

Some private banks use automatic counting machines, which cannot differentiate between real and fake notes. Moreover, not every cashier in a bank is trained to identify fake notes.

Banks have advised the general public to properly check currency notes. According to bank officials a genuine note of Rs 500 or Rs 1000 contains a very fine stripe, on which “State Bank of Pakistan” is printed.

The manufacturers of the bogus currency notes may copy other features of the genuine note, but it is impossible for them to put that fine printed stripe on fake notes.

A senior police official said that banks have been directed by the district administration not to use machines to count notes.

He said that investigation teams have been making efforts to track down people involved in circulating fake currency. If a person is found guilty of possessing fake currency notes, he/she shall be arrested under section 389 (B) of the Code of Criminal Procedure (CrCP).

If proved guilty, the accused may get three-year rigorous imprisonment.

If anyone apprehended while trying to circulate fake currency notes, he/she shall be charged under section 489 (B) and (C) of the CrCP and awarded seven-year rigorous imprisonment.

An official of Interior Ministry said: “There is a strong possibility that fake currency notes were pumped into the tribal areas from Afghanistan. There are certain elements in Afghanistan that are working against Pakistan. And they could be using fake currency to hurt us financially”.


An Unofficial statement by a State Bank Official.

Muhammad Farid Masood said...

I don't agree with the saying of above commentor. A banker's job is to deal with currency notes and they are trained so to judge between original and counterfiet notes. And off-course the State Bank of Pakistan impose fine if a counterfiet note is detected in that case which is sent by any bank

Muhammad Farid Masood said...

I don't agree with the saying of above commentor. A banker's job is to deal with currency notes and they are trained so to judge between original and counterfiet notes. And off-course the State Bank of Pakistan impose fine if a counterfiet note is detected in that case which is sent by any bank

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