The Senate Standing Committee on Finance has voiced concern over the alarming circulation of Rs5000 notes, which even officials of State Bank of Pakistan (SBP) failed to ‘recognise’,.

While spotlighting the gravity of the issue, PPP Senator Salim Mandviwala – who chaired the standing committee’s meeting – tabled a bundle of counterfeit Rs.5000 notes and said even parliamentarians are not immune to the fraud.

During the meeting, the Senator asked State Bank of Pakistan’s (SBP) Deputy Governor Dr Inayat Hussain to recognise the fake Rs.5000 notes, but the latter ‘failed’.

The committee chairman demanded swift and decisive action from the central bank to curb the widespread circulation of fake notes. Saleem Mandviwalla suggested that that fake notes are entering circulation through banks.

He also proposed that the State Bank should make arrangements to exchange fake currency notes for genuine ones, but the Deputy Governor refused while citing concerns about potential misuse and abuse.

SBP deputy governor further said that there is currently no system in place to prevent the printing of fake currency within the country.

Inayat Hussain noted that even fake dollars are being published across the globe but assured that they were working on improving regulations to control the production and circulation of fake currency within Pakistan.

Meanwhile, Saleem Mandviwalla called for relief measures while emphasising the urgency of the situation.

The committee unanimously called for the formulation of a comprehensive policy to combat the escalating use of fake currency notes, particularly within the banking system.