September 16, 2003	Tuesday	Rajab 18, 1424

KARACHI, Sept 15: Pakistan Security Printing Corporation (PSPC) and Pakistan Council of Scientific & Industrial Research (PCSIR) both can test the quality of the paper of cheque books and other security stationery printed by licensed security printing agencies other PSPC.

Earlier, only PSPC was authorized to do this. The State Bank has brought this change in its policy to the notice of all banks through a circular issued on Monday. The circular says that banks shall place on their record a copy of the certificate issued by PSPC or PCSIR to the effect that the cheque books and other security stationery printed by licensed security agencies other than PSPC itself has been tested.

On June 25 the central bank had asked all banks to take certain measures to check printing of fake cheques by unauthorized printers on sub-standard paper. It was in that circular that the banks were required to get tested by PSPC the cheque books and other stationery printed by any licensed security printing paper agencies other than itself. Now PCSIR has also been authorized to do this.

But the June 25 circular made it mandatory that the paper of such cheque books and other stationery should be checked “before printing.” These new circular (BPD no 27) has omitted these words. Bankers say that might have been done to facilitate the licensed security printing agencies that are engaged in printing of cheque books and other stationery. But they say that this omission has weakened the check on possible frauds in printing of cheque books and other stationery.