Karachi, March 13, 2024 – The State Bank of Pakistan (SBP) has launched an investigation to ascertain the circumstances surrounding the circulation of misprinted Rs 1,000 denomination currency notes.
The decision comes in the wake of reports that a bank branch in Karachi received at least four misprinted notes, prompting concerns about the authenticity of the currency in circulation.
The incident came to light on Tuesday when the branch manager of a bank in Karachi discovered several misprinted Rs 1,000 notes. One side of these notes exhibited printing errors, raising questions about the integrity of the currency in circulation. The branch manager took a video of the misprinted notes, and the footage quickly went viral on social media, causing panic among the public amid fears of fake currency being in circulation.
In response to the situation, the State Bank of Pakistan issued a statement acknowledging the misprinting issue. Noor Ahmed, Chief Spokesman of the SBP, emphasized that there is a robust system in place for currency note printing, and the misprinting appears to be an isolated incident. He assured the public that the SBP would conduct a thorough inquiry to determine how these misprinted notes entered circulation and to prevent such occurrences in the future.
“The strict system of note printing ensures the security of our currency. However, we take this matter seriously, and an investigation will be conducted to address any lapses in the system,” stated Noor Ahmed.
He further clarified that currency notes, along with their paper, incorporate multiple security features. These features allow individuals to easily verify the authenticity of the notes, distinguishing between genuine and counterfeit currency.
Noor Ahmed urged the public not to panic, assuring them that if anyone comes across misprinted currency notes, they can readily exchange them at any bank branch. Additionally, he highlighted the accessibility of the 16 offices of SBP-Banking Services Corporation for customers to address any concerns or exchange such notes.
While emphasizing the rarity of such incidents, the SBP underscored its commitment to maintaining the integrity of the currency and ensuring that the public can trust the money in their possession. As the investigation unfolds, the SBP aims to identify any loopholes in the printing and circulation process, reinforcing its dedication to a secure and reliable monetary system in Pakistan.
