SBP Warns of Alarming Circulation of Fake Rs. 1,000 Currency Notes

State Bank of Pakistan’s (SBP) Director Finance Qadir Bakhsh warned about the alarming circulation of counterfeit Rs. 1,000 notes across the country. While discussing the situation with reporters, he said the number of fake notes detected in the last two years has remained consistent. Bakhsh noted that between 60 to 70 percent of the identified fake notes are in the denomination of Rs. 1,000. The central bank director revealed that over the past two years law enforcement agencies (LEAs) including the Federal Investigation Agency (FIA) and the police handed thousands of fake currency notes of different denominations to the State Bank for further investigation and appropriate action. Director Finance said the central bank did not receive any complaints of fake notes originating from any Automated Teller Machines (ATMs) in the past year. He added that the regulator has a dedicated email address for reporting fake notes arising from ATMs. He said SBP has imposed strict penalties for banks whose ATMs dispense fake currency. In such cases, a fine equivalent to 100 percent of the counterfeit note’s value will be charged. He further added that banks are now mandated to retain CCTV footage of notes inserted into their ATMs for 90 days. The State Bank of Pakistan (SBP) shared a detailed explainer video on how to identify a fake Rs. 1,000 note. The video, which was first shared by SBP on YouTube in 2018, gives detailed instructions on understanding the key security features of the Rs. 1,000 note and how to identify a fake one. The central bank explains that the Rs. 1,000 note bears a Pakistani flag printed with optically variable magnetic ink. There are elevated marks for visually impaired individuals. A protective thread (silver dashes) is also present on the left side of the note, where the legal value of the note may be seen when checked under sufficient lighting. The note has lemon green designs and tiny fibers etched across the paper which are visible when viewed under ultraviolet light. More hidden figures and distinctive watermarks on the note make it very easy to see if it’s the real one or not. The following image labels everything you have to check when identifying a counterfeit. Came across a fake one? Let us know in the comment section below.