Senators take up counterfeit currency , money laundering

Senate Standing Committee on Finance Chairman Salim Mandviwala presented fake Rs 5000 notes to the State Bank of Pakistan (SBP) deputy governor and asked if he could detect it.

 “Can you tell if these notes are fake or not? What will happen to a common person, if it happens to me,” the body chief questioned the central bank deputy governor while presiding over the MPs body meeting.

“I have 20 notes of Rs1000 bogus bills,” he added. The SBP deputy governor assured the senators of giving a briefing on the matter in the next meeting.

The senators also raised the matter of money laundering in the name of the solar panels business.

During trade between two countries, liability is imposed on banks on both sides, the SBP official said, adding that banks do not have a solid system to tackle the matter.

Senator Farooq H Naik questioned the measures and mechanisms to curb the crime. The SBP official was asked to submit written details of steps the central bank took over the matter.