Clearing the Air: SBP Addresses Misprinted Banknotes Incident

In light of recent events concerning the circulation of misprinted banknotes, the State Bank of Pakistan (SBP) has come forward to reassure the public and clarify the situation. Amidst the widespread concern triggered by a viral video showcasing Rs1,000 notes printed incorrectly on one side, the SBP has emphasized the rarity of such occurrences and the robustness of their quality control systems.

The incident, which took place at a bank branch in Karachi, involved a small number of misprinted notes that were detected and reported promptly. The SBP's statement highlighted that their printworks, operated by the Pakistan Security Printing Corporation (PSPC), are equipped with stringent quality control measures designed to identify and segregate any misprinted banknotes, thereby preventing them from entering public circulation.

Acknowledging that no system is infallible, the SBP admitted to the possibility of errors, albeit at a minimal and statistically insignificant rate. The discovery of merely ten misprinted notes in a single consignment is a testament to the efficiency and effectiveness of the existing checks and balances.

In response to public anxiety, the central bank has assured that internal controls are not only robust but are also being enhanced to further minimize the chances of such incidents occurring in the future. They have also provided guidance on how individuals who have received misprinted notes can exchange them for fit currency at any SBP-BSC office across the country, in accordance with the State Bank of Pakistan (Note Refund) Regulations, 1963.

This proactive approach by the SBP serves as a reminder that while perfection may be unattainable, continuous improvement and transparency are key in maintaining public trust and ensuring the integrity of the national currency.