KARACHI: The State Bank of Pakistan (SBP) has launched five videos and a smartphone application to enhance public awareness and understanding of the currency notes’ security features.
The SBP, as a part of its campaign “Rupay ko Pehchano”, launched the videos and application in a ceremony attended by high-ranking officials of the law enforcement agencies (LEAs) and presidents and senior executives of the commercial banks.
A total of 5 videos have been developed, one each for Rs5000, Rs1000, and Rs500 notes, and one for Rs10, Rs20, Rs50 and Rs100 notes and the fifth highlights the security features of all the currency notes in circulation.
The smart phone application, downloadable from both Apple and Android platforms, gives information on security features of the currency notes both in descriptive and pictorial forms.
SBP Governor Ashraf Mahmood Wathra, while launching the videos and smartphone application, said that the SBP has adopted a three pronged strategy to combat counterfeiting which involves enhancing the security features of our currency notes to make counterfeiting even more difficult, besides using machines for the cash processing function in the banking system to ensure that no fake notes pass through the banking system; and creating awareness amongst the general public about the security features of the currency notes to help them differentiate between genuine and fake notes.
He said that under the strategy some advanced security features were being added in the higher denomination currency notes of Rs500 and above and that these notes with enhanced security features, after the Federal Government’s approval, would be available for issuance by third quarter of Calendar Year 16, adding that, a comprehensive cash management strategy has been issued to automate banks’ cash processing functions by January 2017.
The smartphone application being launched would enable millions of smartphone users in the country to have complete information about the security features, he said. The videos would be a major tool for enhancing public awareness, which would be placed on SBP and banks’ websites and would also be used in currency seminars in Chambers of Commerce, trade bodies, schools, colleges and universities across the country, he added.
