The printing and circulation of counterfeit bills resembling the genuine banknotes is not only damaging the economy but also inflicting huge financial losses on the individuals and businesses, reports WealthPK. In order to tackle this serious menace, the Senate Standing Committee on Finance recently met in Islamabad and recommended the launch of plastic currency. Apprising the participants, Saleem Mandviwala, the committee chairman, was of the view that Rs1,000 counterfeit bills were widely in circulation, and people even received them from the automated teller machines (ATMs).
State Bank Governor Jameel Ahmed told the committee that the central bank was devising a strategy to launch polymer currency notes. However, he did not mention a specific date when the polymer currency would hit the market. The governor also apprised the committee that to avoid copying the real currency notes, the bank was also working to change their security features.

Many fake currency notes of Rs10, Rs50 and Rs100 denominations are in circulation, as most people don't use any device to check them. The gangsters are profiting from this situation and primarily focusing on the circulation of such currency notes, Ali Raza, an employee of a private bank, told WealthPK. "We often find fake currency notes in the old packets our account holders bring us for deposit. Such packets carry the stamps of organizations and individuals, but it's ironic that the majority of them lack a mechanism to check them.

Ali suggested that the government should launch a campaign and provide a toll-free number where people could register their complaints against the fake currency notes. With the help of toll-free number, the masses could be sensitized to this menace, hitting every segment of our society, he said. He said private gangs were involved in this unlawful activity at the behest of people at the helm. Not only gangs but a superintendent of police from Lahore was also allegedly found involved in this crime. The Establishment Division initially suspended him for 120 days commencing disciplinary action against him. During investigating against a person, the Federal Investigation Agency (FIA) detected the SP's alleged involvement in the fake currency notes.

Qaiser Hafeez, a garment manufacturer, told WealthPK that the father of one of his friends had to face embarrassment due to a fake currency note. Elaborating, he said the father of his friend bought medicines from a medical store. The store owner returned him change which carried a fake bill of Rs50 denomination. When he visited another shop to buy some edibles, the shopkeeper who received the fake currency note threatened the elderly man and tried to call in the police. However, the area people identified the elderly man and pacified the situation.

Such types of bills can land anyone in a serious situation, Hafeez said, adding that the government should take steps to control the circulation of fake currency notes and give an exemplary punishment to the criminals involved in this illegality. Talking to WealthPK on the condition of anonymity, a police officer said most of the time, people complain to Rescue 1122 about the circulation of fake bills by a shopkeeper or customer. "We have nabbed scores of such persons and during interrogation detected that they had nothing to do with the rings involved in the circulation of fake currency notes," he said. The police officer said it was the responsibility of law enforcement agencies to stem this trend by launching a massive crackdown.

Credit: Independent News Pakistan (INP)