Added security features in currency notes imperative to ensure sanctity of Pak rupees: FCCI President

FAISALABAD: Faisalabad Chamber of Commerce and Industry (FCCI) President Engineer Muhammad Saeed Sheikh on Tuesday said added security features in currency notes were imperative to ensure the sanctity of Pak rupees in international markets.

Addressing an awareness session arranged by the State Bank of Pakistan (SBP) Faisalabad at FCCI on security features of Pakistani currency notes, forged currency notes and demonetization of old currency notes up to November 13, 2016, he said that technological breakthrough had necessitated the added security features in the currency so that no one could copy it.

He said the presently seven denomination of currency notes were in circulation in Pakistan including Rupees 10, 20, 50, 100, 500, 1000 & 5000. He said that in 2004 the old and worn-out currency notes were replaced with the launching of ATM machines.

He said 70% of worn-out notes had already been withdrawn from the circulation while SBP was also spending 25% extra on the printing of security featured currency notes which could not be copied.

President FCCI said these security featured notes should be easily recognizable by the common man, so that he could easily differentiate between valid and forged currency notes.

He said the major banks had already counting machines and other instruments through which forged currency notes could be identified but this identification should be so easy that a common man could also differentiate between the valid and forged currency notes with a human naked eye.

Senior Treasury Officer of SBP Faisalabad Ahmad Hayat gave a presentation on the security features of Pakistani currency notes and told that a separate directorate had been created to discourage the use of worn-out currency notes. In this connection, SBP teams were conducting raids and Rs.5000 fine was imposed in case of the use of worn out currency notes.

He clarified that commercial banks would encash the old currency notes up to November 30, 2016 but this facility would be available up to 2021 in the SBP.