SBP launches probe into circulation of misprinted currency notes

Karachi bank branch discovers defective currency; SBP assures public of rigorous security features

In an unexpected turn of events, the State Bank of Pakistan (SBP) initiated a thorough investigation to determine the entry of erroneously printed Rs 1,000 banknotes into the financial system.

The incident came to light when a Karachi-based bank branch encountered a small batch of these notes, with at least four confirmed cases of the misprint affecting one side of the currency.

A video surfaced on social media, showcasing the defective notes, sparking widespread concern over the possibility of counterfeit currency in circulation.

Addressing the public’s alarm, the SBP clarified that the situation stemmed from a printing error, not counterfeiting. Nonetheless, the central bank has pledged to conduct an in-depth inquiry to prevent recurrence.

Noor Ahmed, the Chief Spokesman for the SBP, emphasised the stringent measures in place for currency production, attributing the incident to a rare lapse in the printing process. 

He reassured that the banknotes’ numerous security features make it straightforward to verify their authenticity.

Ahmed further advised that holders of such misprinted notes could seamlessly exchange them at any commercial bank or through the 16 branches of the SBP-Banking Services Corporation.

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