National Bank in Karachi received misprinted Rs1000 notes

A branch of the National Bank of Pakistan (NBP) in Karachi has received misprinted Rs1000 currency notes issued by the State Bank of Pakistan (SBP). It caused worries over the alleged incompetence of the State Bank of Pakistan.

In a video, a manager of a National Bank branch in Karachi showed the “one-side blank” currency of Rs1000 issued by the State Bank of Pakistan. The manager stated the cash that arrived this morning had a bundle of misprinted Rs1000 notes. One side of the notes is printed and the other is completely blank.

Misprinted Rs1000 notes emerge in National Bank#ARYNews https://t.co/WKqKXSIIQw
— ARY NEWS (@ARYNEWSOFFICIAL) March 12, 2024

He also expressed confusion at the distribution of such notes to NBP. The National Bank found this problem after a consumer returned misprinted cash notes to the bank staff.

Later, they examined the bundles of newly received notes. They figured out that all notes of Rs1000 value were blank on one side. Meanwhile, a central bank (SBP) spokesperson said they have reported the problem to the relevant department and they are investigating it.

SBP also emphasized that Pakistan Security Printing Corporation had a strong system for checking and balancing currency notes. They claim the number of misprinted notes to a National bank branch in Karachi was only 10 compared to the total number of currency notes issued and distributed across the country.

Click here to read the updates on the 5000PKR Note Banned notification in Pakistan

However, this is not the first time the National Bank in Karachi has received misprinted Rs1000 notes. The Senate Standing Committee on Finance expressed worry over the troubling circulation of Rs5000 notes last year. Even State Bank of Pakistan (SBP) officials failed to recognize it.

PPP Senator Salim Mandviwala headed the standing committee meeting. He displayed a bundle of fraudulent Rs5000 notes to highlight the seriousness of the issue. He claimed members of parliaments are even vulnerable to fraud.

During the meeting, the Senator ordered SBP Deputy Governor Dr Inayat Hussain to identify the fake Rs5000 notes. However, SBP failed to do so.