The State Bank of Pakistan (SBP) has launched an investigation into the circulation of a small number of misprinted Rs 1000 banknotes. The misprints reportedly left the backside of the notes blank. This incident caused a stir on social media after a video showing the anomaly went viral. While the current situation appears to be a limited issue, the SBP advises citizens to remain vigilant when handling cash.
The State Bank of Pakistan (SBP) is looking into how some Rs 1,000 banknotes got misprinted, following a video that went viral. The video showed blank backsides of certain notes, sparking concerns. The SBP assured that affected individuals and banks can swap these notes at designated branches and central bank offices nationwide.
The investigation comes after a viral video displayed the misprinted notes. The person behind the camera claimed to be a manager at a National Bank of Pakistan (NBP) branch in Karachi. They highlighted receiving bundles of misprinted notes, which seemed fine from the front but had incomplete printing on the back. He stated that they had received fresh currency notes of denominations Rs1,000, Rs500, and Rs5,000. He displayed two Rs1,000 notes in his hand which appeared perfect from the front.
The issue surfaced when a customer returned two such notes to the bank. The manager revealed that many packets of fresh currency containing misprinted notes had been delivered to customers. NBP confirmed the matter was under investigation by top management.
Clarification
The SBP emphasized that despite robust quality checks, misprinted notes might slip through circulation. However, they assured that such notes still retain their security features and can be exchanged at public counters. Additionally, the SBP stated that only 10 misprinted notes were issued to the NBP branch in Model Colony.
The SBP’s Deputy Governor, Dr Inayat Hussain, admitted that there is currently no system in place to prevent the production of counterfeit currency within the country.
Despite robust quality control measures, errors in printing can occur. The SBP’s printing unit, the Pakistan Security Printing Corporation (PSPC), has systems in place to detect such errors, but occasional misprints may slip through. The SBP is working to strengthen internal controls to prevent similar incidents in the future.
Individuals or banks holding misprinted notes can exchange them for fit ones at any office of the State Bank of Pakistan Banking Services Corporation (SBP-BSC) across the country.
