SBP seeks public opinion to curb banknotes forgery

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SBP

KARACHI - The central bank is conducting a public survey to improve management of currency in circulation in the country. The survey intends to obtain public perception on new designed banknotes of various denominations introduced by the State Bank of Pakistan (SBP). 

The central bank wants the bank customers to rank the design and security features of Rs 5,000, Rs 1,000, Rs 500, Rs 100, Rs 50, Rs 20 and Rs 10 notes on a scale ranging from best to worst.

Asking for suggestions for improvement in the existing bills, the SBP survey wants to know public opinion on whether the bank should launch banknotes of other denominations like Rs 2,000, Rs 10,000, Rs 200 or others.

“You are aware that rapid technological advancements in digital imaging and printing have helped counterfeiters to easily forge banknotes that lack advance security features,” the regulator told banks in circular No.CMD./114/2 (4) G-2013.

To curb these threats, it said, it was necessary to make the banknotes modern and difficult to forge as well as to efficiently process the notes through electronic devices such as note counting machines.

Most banknote processing machines in the market now require the availability of machine readable features in banknotes to detect counterfeiting, it said.

The Note Deposit Machines and ATM machines also required machine readable features to identify genuine bills so that safe and cost effective medium of exchange and funds transfer is provided to the public.

“To obtain feedback on public perception at our banknotes in circulation, a survey questionnaire is forwarded with request to get it filled by 10 valuable customers/visitors on a random basis from each of the selected branches of your bank,” the SBP circular said.

The findings of the survey would be used to improve the banknote management at banks as well as at the SBP, said the central bank.

“Therefore, kindly advise the concerned branch manager to nominate a suitable officer for filling the questionnaire for achieving better results from this survey,” it asked the banks.

The central bank also requested banks to arrange to collect the filled questionnaire from selected branches of their banks latest by May 8 and to return it by May 10.

This, the SBP said, would enable it to compile and develop a report on public perception very soon.

 

Courtesy: Pakistan Today


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