2 min read
The State Bank of Pakistan has released an app in their efforts to put an end to currency note counterfeiting. The announcement came via an official press release.
This application has been released as a part of SBP’s “Rupay Ko Pehchano” campaign, along with a set of videos. The launch took place in a ceremony attended by presidents and executives of commercial banks and officials of law enforcement agencies. The main purpose of this campaign and its resulting app and videos is to raise awareness among the people regarding currency counterfeiting enabling them to differentiate between original and fake notes.
At the launch, Governor SBP Mr. Arshad Mehmood announced the State Bank’s three way policy to deal with this issue:
- Enhancing the security features of currency notes to make counterfeiting even more difficult;
- Automation of cash processing function in the banking system to ensure that no fake note passes through the banking system;
- Creating awareness amongst general public about security features of the currency notes to help them differentiate between genuine and fake notes.
He also called for compliance from all involved parties:
“I will strongly urge the law enforcement agencies to strengthen their capacity in this area, create specialized cells, and build strong intelligence and surveillance system to catch the counterfeiters and their networks, if any”.
A total of 5 videos have been developed, highlighting the security features of all the currency notes in circulation. The app is available on both iOS and Android. The app is pretty straight -forward to use and is available in both English and Urdu.
Cash counterfeiting is an undeniable problem in Pakistan, one that needs to be dealt with and put an end to. Back in October, the Senate Committee was reported of the widespread usage of fake notes at Eid-ul-Azha. SBP released a report at the time, warning Pakistani people of the presence of fake notes and assuring the public that they would do what they could in their power to stop this.
The State Bank’s effort in this regard have been commendable. We hope that law enforcement agencies perform their duty in this regard and the public uses the new app to their advantage!
