Banks Have to Install Advanced Machines to Detect Fake Money: SBP

State Bank of Pakistan has imported advanced machines capable of examining and sorting fake and different amount of currency notes and has directed all the banks to install such machines in every branch by 2017.

SBP Chief Spokesperson Abid Qamar said the machines were imported to recognise fake currency notes and all the banks had been directed to buy the same modern technological machines for their use.

This should be noted that the Chairman Senate Standing Committee on Finance Saleem Mandviwalla had directed SBP to install latest technology machines to examine currency notes by Jan 2017 in all the banks’ branches.

“Risks of scam do exist, despite having big mechanism of filtering any chance of fraud by the banks,” he said adding that neither he knew any bank’s involvement in circulating fake money nor he had received any such complaint through anybody.

“I can’t say what fake currency producers could do. How do they replicate the original money? I have no idea of their potential. But the thing we can do is to secure and make aware public as much as possible.”

Qamar said SBP had imported six advanced handy machines, and 10 more were in the pipeline, basically to detect fake money with many other features as well like sorting, examining and counting.

The spokesperson refrained from telling the price of the machine and its company considering it non-issue. He said the important thing was resolution of problem not expenditure on it. He said the decision was taken after consultation and deliberation of officials’ meeting then required specifications were submitted to the reliable company.

“We know they produce sophisticated machines and if there is something it would be realized over passage of time,” he said.

  • will these machines going to work 100% ? i hope some one is not going to get befit from such major import .. rest it seems good step.

    • Its happening in almost all of the banks. Installing Machines inside banks are not the solution. I think its moral and ethical responsibility of all banks to take security measures. Cashiers do this job and no body asks them.

  • Rubbish. With kickbacks an objective, all banks will be forced to get the same machine from the same (usually lone) importer. Obviously, when every dept. is corrupt. why should SBP lag in the race?
    The so-called “advanced” detectoer junk will have an ultraviolet lamp that will check a note while counting. Thats it. A real solution is to make our own indigineous machine because our currency has its unique features.

  • one of my collegue got 5000 fake note from atm machine of bank alfallah, now what he can do with that fake note?? he went to that bank, but they are not listening any matter, where pakistani poor people can go, 5000 is very big amount for a normal pakistani, now what to do if banks also involved in distributing fake money ??

    • go to the chief manager’s room nd discuss the matter he will surely help you. Banks can not be involved in this type of activity my bro

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