Pakistan’s central bank investigates misprinted Rs 1,000 notes in circulation

Mar14,2024



karachi: Pakistan'central bank of According to a media report on Thursday, after a video went viral which showed the back side of some notes being blank, an investigation was being conducted into how some misprinted bank notes of Rs 1,000 denomination were issued to commercial banks. Were.
a spokesperson for State Bank of Pakistan ,sbpCommercial banks and individuals who have received defective notes can exchange them at the bank branches from where they received such notes and at 16 designated offices of the central bank across the country, The Express Tribune newspaper reported.
Earlier, a one-minute video had gone viral in which no printing was visible on the back of some Pakistani Rs 1,000 notes. The person who shot the video did not appear in front of the camera but identified himself as National Bank of Pakistan (NBP).nbp) branch manager at Model Colony, Karachi, the report said.
Showing the misprinted notes in his hand, the man said he had received new notes in the denominations of Rs 1,000, Rs 500 and Rs 5,000.
Although the misprinted notes appeared perfect on the front, when they turned the notes over, the printing on the back was incomplete. He claimed that several packets of the new notes had already been delivered to customers and expressed ignorance as to how many of them were misprinted.
He said the matter came to light when a customer returned two such notes to the bank. The manager showed another packet of Pakistani Rs 1,000 notes which contained two misprinted notes. He later claimed that each package contained at least two misprinted notes.
When the NBP was contacted to verify the authenticity of the video, an official said the matter has been brought to the attention of the top management and investigation is underway.
The SBP official further said that the notes issued still retain their security features and will be checked by officials at public counters when people come to exchange the misprinted notes.
He pointed out that while the printing press prints millions of notes in a cycle, despite having a robust system in place to double check the quality and reject misprinted notes, there was still a possibility of some misprinted notes being accidentally circulated. Lives.
A press statement issued by the central bank said that only 10 misprinted notes were issued to the Model Colony branch of the NBP. It added that misprinted banknotes received by public or commercial banks will be refunded for fit banknotes at any office of the State Bank of Pakistan Banking Services Corporation (SBP-BSC) across the country under the State Bank of Pakistan (Note Refund) Regulations. Can be changed. 1963.



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