The Central Bank of Pakistan has announced the introduction of new currency notes with enhanced security features including unique security numbers and designs to modernize the Pakistani currency, with an aim to tackle the menace of counterfeit currencies in the cash-starved country.
It is often said that one who digs a pit for others, sooner or later falls into it himself. Something similar seems to be happening with Pakistan, which is promoting terrorism in Kashmir through fake currency. Fake notes have emerged as a big problem in Pakistan which is facing economic crisis. To deal with this, he can now repeat the decision taken by the Modi government on 8th November. The Central Bank of Pakistan has announced the introduction of new currency notes with enhanced security features including unique security numbers and designs to modernize the Pakistani currency, with an aim to tackle the menace of counterfeit currencies in the cash-starved country.
State Bank of Pakistan Governor Jamil Ahmed said the currency notes will be incorporated with advanced international security features, adding that the change will happen gradually so that Pakistan does not face any disruption. However, some financial experts wonder whether the introduction of new currency notes could also include demonetization of Rs 5,000 or higher denomination notes to tackle the counterfeit and black money market. According to experts, Pakistan’s economy, which is suffering from cash crunch, is highly affected by illegal use of black money, which is easy due to the circulation of high denomination notes.
Sohail Farooq of Capital Investment said this is the right step to ensure the integrity of Pakistan’s monetary system, but whether it will also include demonetization remains to be seen. According to the central bank, they confirmed that there has been an increase in the use of fake currency notes in the market. He said that if the new currency notes are circulated, it will ensure credibility in circulation and also give confidence to businesses. Another banker said the central bank should ensure that there is no inconvenience to the public and businesses during the implementation of the new currency.