Fake Rs5,000 Notes Being Dispensed by Bank ATMs, Senator Mandviwalla Reveals
ISLAMABAD: Chairman of the Senate Standing Committee on Finance, Senator Saleem Mandviwalla, has expressed concern over the circulation of counterfeit currency through the banking system and delays in issuing redesigned currency notes.
Speaking to journalists in Islamabad, Mandviwalla revealed that fake Rs5,000 notes were now allegedly being dispensed through bank systems and ATMs.
Referring to an incident, he said he had handed three Rs5,000 notes to the Governor of the State Bank of Pakistan and asked him to identify the counterfeit note. However, according to the senator, the governor himself was unable to distinguish the fake note.
Mandviwalla questioned how ordinary citizens could be expected to identify counterfeit currency through a mobile application if even the central bank governor could not immediately detect it.
He said that previously counterfeit Rs1,000 notes were commonly reported, but fake Rs5,000 notes were now also appearing in the market, creating serious difficulties for the public.
The senator also highlighted the plight of citizens who report counterfeit notes to police. He claimed that innocent people who approach police stations to register complaints about fake currency are sometimes detained instead.
Regarding the issuance of new currency notes, Mandviwalla said that despite two years having passed, the new notes had still not been prepared.
He expressed concern that the current Parliament’s term could end before the new currency notes reach the market, while the federal cabinet had so far only announced approvals for the process.
