Badly printed thousand notes in Pakistan.
How is currency printed and who is responsible for this issue? News of fake currency notes being circulated in Pakistan is often heard, but many Pakistanis may have heard the news of half-printed currency notes for the first time yesterday.
On Tuesday (March 12) afternoon, a video of currency notes in a local branch of the National Bank of Pakistan in Karachi went viral on social media. was not.
According to the bank official in the video, the morning cash that arrived at the bank had new notes printed on one side and nothing printed on the other side, meaning it was like a plain page.
In the video, the bank official says that it came to light when a customer returned the misprinted notes to the bank staff and complained about the matter.
According to the bank official in the video, the morning cash that arrived at the bank had new notes printed on one side and nothing printed on the other side, meaning it was like a plain page.
In the video, the bank official says that it came to light when a customer returned the misprinted notes to the bank staff and complained about the matter.
According to the official in the video, after the customer’s complaint, more bundles of notes were checked and more such currency notes were recovered.
The Central Bank of Pakistan has said on this incident that it was only a few currency notes.
According to banking industry insiders, the emergence of half-printed currency notes is a surprising phenomenon as fake currency notes are often heard of, but they have never heard of half-printed currency notes. .
It should be noted that a few months ago, the issue of fake currency notes was discussed in a parliamentary committee when the Deputy Governor could not tell the difference between a five hundred rupee currency note presented in the State Bank Committee whether it was genuine or fake. .
The Central Bank of Pakistan had also announced the introduction of new currency notes in the month of January this year which will be printed with international security features.
How and where are currency notes printed?
Presently, there are ten, twenty, fifty, hundred, five hundred, one thousand and five thousand currency notes in Pakistan. Apart from this, the State Bank has also printed a special note of 75 rupees and released it in the market on the occasion of the golden jubilee of Pakistan’s independence.
According to the State Bank of Pakistan, the printing of Badly printed thousand notes in the country is done under the Currency Management Rules. Under this, the requirement of currency notes of various denominations is estimated on an annual basis and these are printed at the Pakistan Security Printing Corporation located in Karachi.
Former Governor State Bank Salim Raza told BBC that earlier this institution was associated with the Ministry of Finance. However, it was later handed over to the State Bank of Pakistan.
After the printing of the notes by the Security Printing Corporation, these currency notes are distributed to different parts of the country by the Banking Services Corporation of the State Bank through the authorized branches of the National Bank of Pakistan, Government Finance Department and commercial banks.
How is the quality of currency notes ensured?
According to the State Bank’s Badly printed thousand notes Management Rules, the Bank’s function is to supply currency notes in the country as required, similarly, its function under the Currency Management Rules is to look after misprinted or half-printed new currency notes so that such notes Can’t go to the market.
However, despite these rules of the State Bank, it can be seen in the viral video on social media that half of the printed currency notes reached the bank and were distributed to the customers.
Former Governor Saleem Raza described the incident as shocking. He said that Security Printing Corporation is responsible for ensuring complete printing of new currency notes.
He said that even if it is a few notes, it is a serious matter and it should be investigated how it happened.
He said that the security features of the currency notes are very good in which it is ensured that no fake note can replace the genuine note.
He said that the watermarks on Pakistani currency notes are good and they ensure that no fake notes can be produced.
Saleem Raza said that he did not agree with the State Bank of Pakistan’s explanation that it was only a few notes. He said that it is not about a few notes or more notes, but it is more important to consider why this incident happened despite such a security mechanism.
Will State Bank conduct an inquiry into this incident?
State Bank of Pakistan is the authorized institution for printing and distributing currency notes in the country. When contacted about the video of half-printed Rs 1,000 Badly printed thousand notes in the bank, its spokesperson said that the Pakistan Security Printing Corporation (PSPC) has taken steps to prevent misprinted banknotes from being used by the public and to dispose of them. There is a robust quality control system for separation.
A bank spokesperson further said that occasionally some notes are misprinted but our check and balance system identifies them.
The spokesman said that no matter how strong and effective any human-made system is, here or anywhere, including developed countries, there is always the possibility of error.
He said that out of the notes supplied to the Model Colony branch of the National Bank of Pakistan, only ten (10) misprinted notes have come to light. If compared to the total number of notes printed and circulated in the country, this number is very small.
The spokesman of the State Bank said that if a citizen gets a defective note, he can lodge a claim for exchange of the bank note at any office of the State Bank of Pakistan’s Banking Services Corporation.
A spokesperson of State Bank of Pakistan says that in the mass production process, there is a possibility of such defects. So it is possible that despite all the quality checks, few of the misprinted banknotes reach the banks or the public.
