SBP Takes Action Against Fake Rs5,000 Notes, Promises Stringent Regulations

ISLAMABAD: Addressing concerns about the widespread circulation of counterfeit Rs5,000 notes, the State Bank of Pakistan (SBP) has pledged to enhance regulations to curb the issue effectively. This commitment was made during a session of the Senate Standing Committee on Finance, which convened to discuss the matter on Tuesday.

Senator Salim Mandviwala of the Pakistan Peoples’ Party (PPP) drew attention to the prevalence of counterfeit Rs5,000 notes by presenting a few examples to the Senate Standing Committee on Finance.

In response to the suggestion of replacing fake notes with genuine ones, Deputy Governor of the State Bank of Pakistan (SBP), Dr Inayat Hussain, expressed reservations, citing concerns about potential misuse and abuse. Dr Hussain acknowledged the global issue of fake currency, including counterfeit dollars, but assured the committee that the SBP is actively working on strengthening regulations to control the production and circulation of fake currency within Pakistan.

In addition to the fake currency issue, the committee discussed the non-filing of returns by officers of the Federal Board of Revenue (FBR). Amjad Zubair Tiwana, Chairman of the FBR, revealed that out of the 19,151 FBR employees, 10,102 were return filers. Notably, 9,049 officers did not file returns, with 8,503 earning below Rs50,000 per month. Tiwana clarified that 325 officers on deputation were not required to file returns, and there were 209 officers falling under taxable income slabs who had not filed returns. However, reports indicated that 186 of them have now filed their returns.