Currency notes are printed with special security features to reduce the risk of counterfeiting. General public does not know how to check the genuineness of a currency note. The State Bank of Pakistan (SBP) has taken a right step to educate people about the security features of currency notes in use at the moment.
The SBP has launched a smartphone app, downloadable from both Apple and Android platforms, on security features of currency notes of Pakistan. The main theme behind the app is to enhance public awareness and understanding of the security features of currency notes, thus enabling the public to easily differentiate between the genuine and fake notes.
The app, Pakistani Banknotes, gives information on security features of currency notes both in descriptive and pictorial forms. A total of 5 videos have been developed, one each for Rs.5000, Rs. 1000 and Rs. 500 notes, one for Rs. 10, 20, 50 and 100 and the fifth highlights the security features of all the currency notes in circulation.
The smartphone application will enable millions of smartphone users in the country to have complete information about the security features on their mobiles.
Governor State Bank
Mr. Ashraf Mahmood Wathra, The Governor SBP, said about the app, “SBP has adopted a three pronged strategy to combat counterfeiting which involves enhancing the security features of our currency notes to make counterfeiting even more difficult, automation of cash processing function in the banking system to ensure that no fake note passes through the banking system and creating awareness amongst general public about security features of the currency notes to help them differentiate between genuine and fake notes.”
He further said,”Under the strategy some advanced security features are being added in the higher denomination currency notes of Rs.500 and above and that the higher denomination notes with enhanced security features, after approval by the Federal Government, would be available for issuance by third quarter of Calendar Year 16.”
“Further, in order to ensure that no counterfeit currency passes through the banking system; a comprehensive cash management strategy has been issued to automate banks’ cash processing functions by January 2017. SBP itself is in the process of installing state-of-the-art high-speed banknote processing machines at SBP BSC Karachi and other important regions across the country”.