SBP issues statement on misprinted Rs1,000 banknotes

The State Bank of Pakistan (SBP) in a statement issued on Wednesday responded to the recent controversy about the misprinted currency notes.

A day earlier, a video went viral on social media revealing that a commercial bank in Karachi received two misprinted Rs 1000/- notes.

The central bank clarified saying that the risk of such faults remains due to large-scale printing and production of currency notes.

“Pakistan Security Printing Corporation has a strong mechanism of segregating misprinted banknotes. Though, risk of such faults remains in mass production [of currency notes],” the SBP said.

There is always a possibility of a few misprinted notes reaching the masses despite all quality checks, the central bank said.

“There were merely 10 such misprinted currency notes among the cash bundles dispatched to the NBP branch,” the statement said, adding that the said number of half-printed banknotes compared to the total number of notes printed and dispatched to the masses was “very little.”

The SBP is making the internal controllers to avoid such malfunctioning in the future, the statement added.

Furthermore, those who have received such defective notes can exchange them for perfect notes from SBP’s BSC counters.