LCCI warns against abundance of counterfeit currency

RECORDER REPORT

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) on Tuesday cautioned the masses in general and the business community in particular against abundance of counterfeit currency notes and urged the government and the State Bank of Pakistan to launch mass drive to combat this menace.

The LCCI President Farooq Iftikhar in a statement called for a well designed campaign to educate people about the security features of currency notes.

He said that it is the government that has the resources to curb the menace that is spreading its tentacles like anything and causing undue harm to the already dwindling economy.

He said that the SBP should provide necessary equipment and machines for detection of fake currency at least at their main branches for their own use as well as for the use of general public free of cost.

He said that the SBP should also create awareness about the legal provisions regarding penalty and punishment for counterfeiting to forewarn the counterfeiters as to the consequences of committing this crime.

He said that the general public should be encouraged to hand over counterfeit notes to the nearest bank branch and SBP Banking Services Corporation office and to report the incident of counterfeiting to the Law Enforcement Agencies.

The LCCI President said that owning counterfeit currency is a crime and the individuals involved are attempting to defraud their fellow citizens and the country as a whole. The tough anti-counterfeit measures put in place by the government have gone a long way to provide additional security but the bottom line is that there are still those who produce counterfeit currency in spite of these measures.