ISLAMABAD: The Senate Standing Committee on Finance was informed on Friday that fake notes were used during Eid-ul-Azha.
This was revealed by the committee’s chairman Saleem Mandviwalla who said banks issued fake currency notes to consumers.
Mandviwalla’s statement was endorsed by Kamil Ali Agha who said ‘a bank had issued fake notes during Eid’.
In response the State Bank of Pakistan (SBP) said no currency note is issued without being checked.
The committee directed the SBP that by 2017 a verification machine should be installed at every branch.
The SBP said it is in the process of purchasing the verification machines.