PAKISTAN is a cash-dominated economy where the growth rate of currency in circulation is very high. Considering this nature of our economy, it is natural to assume the existence of a considerable amount of counterfeit currency in the country.

The circulation of a counterfeit currency has adverse effects on the economy. Anti-state elements use such currency in terror-financing and other criminal activities in order to create the law and order situation and to undermine our economy.

As a part of the ‘Rupay ko Pehchano’ campaign, the State Bank of Pakistan has adopted a three-pronged strategy — the security features of currency notes, automation of cash processing functions in the banking system and creating awareness among the public. But unfortunately little has been gained.

More serious strides are needed from the SBP and the law enforcement agencies to prevent the influx of counterfeit currency in the economy.

Nazis Marvi

Hyderabad

Published in Dawn, June 27th, 2016