State Bank warns of fake 1000 rupee notes in circulation
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The State Bank of Pakistan has issued a warning to the public about the circulation of fake notes of 1000 rupees, the second highest denomination in the country, reported 24NewsHD TV channel Wednesday.
According to the bank, 35,000 fake notes of this value were caught in 2023 from across the country, out of which 25,000 were deposited by the Federal Investigation Agency and the police. The bank also said that fake notes worth 10,000 rupees were submitted by different banks.
The Director Finance of the State Bank, Qadir Bakhsh, said that the number of fake notes seized in the last two years is almost the same, indicating a persistent problem.
He also said that the State Bank has not received any complaints of fake notes from any ATM across the country.
However, he warned that if any bank is found to be issuing fake notes from its ATM, it will face a fine and a 100% penalty on the value of the fake notes.
He also said that banks are required to preserve CCTV footage of notes in ATMs for 90 days as per the bank's regulations.
Reporter: Ashraf Khan