Fake Rs1,000 and Rs5,000 Notes Among Most Common Counterfeit Currency in Pakistan

ISLAMABAD: State Bank of Pakistan (SBP) officials have revealed that counterfeit Rs1,000 and Rs5,000 banknotes are among the most commonly detected fake currencies circulating in the country.

The disclosure was made during a meeting of the Senate Standing Committee on Finance chaired by Senator Saleem Mandviwalla. SBP Deputy Governor Dr Inayat Hussain briefed the committee on the proposed designs and security features of the country’s new currency notes.

According to SBP officials, introducing a new series of banknotes will not completely eliminate counterfeit currency. However, authorities are working to introduce stronger security features to make currency more difficult to forge.

The committee was also informed about a proposal to discontinue the Rs10 banknote and replace it with a Rs10 coin. Dr Inayat Hussain said the cost of producing Rs10 notes has increased, making the coin a more practical option.

He clarified that existing Rs10 notes would not be withdrawn immediately. The denomination would gradually be discontinued once the next series of currency notes is introduced.

Officials further said that an earlier currency design prepared by the SBP had been rejected by a committee headed by the finance minister. New proposals and security features are now being incorporated into the designs.

During the meeting, Senator Saleem Mandviwalla also claimed that counterfeit notes could be entering circulation through banks and ATMs. He criticised the central bank and said the SBP still owed him Rs15,000 after he had handed over three suspected counterfeit notes to the institution two years ago.

The committee discussed the proposed currency designs, enhanced security features and measures to curb counterfeit currency as authorities continue preparations for Pakistan’s next banknote series.