LAHORE: The Lahore Chamber of Commerce & Industry on Wednesday urged the government to take punitive action against anti-social elements involved in circulating counterfeit currency. LCCI President Ijaz A. Mumtaz said here that proliferation of counterfeit currency notes had become a biggest threat for economy and the masses; therefore, government should tackle this issue with iron hands.
Ijaz A Mumtaz demanded the government and the State Bank of Pakistan (SBP) to launch a mass drive to combat this menace and also called for a well-designed campaign to educate people about the security features of currency notes. The LCCI president said the State Bank of Pakistan should provide necessary equipment for detection of fake currency at least at their main branches for their own use as well as for the use of general public free of cost. The SBP should also create awareness about legal provisions regarding penalty and punishment for counterfeiting to forewarn the counterfeiters as to the consequences of committing this crime, he added.
He said, the general public should be encouraged to hand over counterfeit notes that come to their possession to the nearest bank branch or SBP Banking Services Corporation office and to report the incident of counterfeiting to law enforcement agencies. The LCCI president said owning counterfeit currency was a crime and the individuals involved were attempting to defraud their fellow citizens and the country as a whole.
