Circulation of fake currency on the rise: SBP

110% rise between Jan and April 2011.

ISLAMABAD:

Counterfeit banknotes, especially of Rs1,000 and Rs5,000 denominations, are being circulated at an increasing rate especially in Islamabad and Peshawar, according to a report by the State Bank of Pakistan (SBP) available with The Express Tribune.

The last two months have witnessed an increase of more than 110% in reported cases of counterfeit currency bills in the country, the report adds.

According to the report, field officers of the SBP captured 695 notes of various denominations during January 2011that added up to Rs802,100.

During April 2011, however, 2,160 fake banknotes of various denominations amounting to Rs1,811,790 were recovered, recording an increase of more than 110 per cent between January and April 2011.

In January 2011, Peshawar, Gujranwala and Islamabad were the top three cities with 208, 145 and 105 reported cases respectively, while Rawalpindi, Peshawar and Islamabad topped the list in April 2011 with 1,054, 494 and 329 reported cases, respectively.

Published in The Express Tribune, July 6^th, 2011.