State Bank Oof Pakistan says faulty notes can be exchanged at any of the 16 designated offices of central bank.
The central bank of Pakistan has not dismissed the possibility of having issued misprinted Rs1,000 banknotes to commercial banks, which then entered circulation among citizens, despite the presence of a robust system in place to detect misprints.
Talking to media spokeperson from the State Bank of Pakistan (SBP) stated on Wednesday that both commercial banks and individuals in possession of one-sided printed notes can exchange them at the bank branches where they originally received them. Additionally, they have the option to exchange these notes at any of the 16 designated offices of the central bank across the country.
Earlier, a one-minute video circulated widely on Tuesday, showcasing the absence of printing on the reverse side of several Rs1,000 notes. The individual behind the video, identified only by his voice as a National Bank of Pakistan (NBP) branch manager in Model Colony, Karachi, displayed the flawed notes in his possession. He mentioned receiving freshly minted currency notes in denominations of Rs1,000, Rs500, and Rs5,000, holding up two seemingly flawless Rs1,000 notes in his hand. However, upon flipping them over, it became evident that the printing on the reverse side was incomplete. He reported that numerous bundles of these new currency notes had already been distributed to customers, expressing uncertainty about the extent of the misprints.
The matter came to light when a customer returned two such notes to the bank. The manager revealed another bundle of Rs1,000 notes containing two misprinted ones. He further alleged that every bundle contained at least two misprinted notes, raising concerns about the situation. Upon contacting the NBP to verify the authenticity of the video, an official confirmed that the issue had been escalated to senior management and was currently under investigation.
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