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SBP clears the air on misprinted Rs1,000 banknotes

04:37 PM | 13 Mar, 2024
SBP clears the air on misprinted Rs1,000 banknotes
Source: Social media

KARACHI – The State Bank of Pakistan (SBP) admitted misprinting of some Rs1,000 currency notes, saying production processes of such large magnitude are prone to some imperfections.

The central bank issued the statement after a video showing misprinted banknotes went viral on social media. In the video, it can be seen that one side of the banknote is printed.

SBP said there is a possibility that in-spite of all quality checks, certain pieces of misprinted banknotes may end up with banks or public. 

It said SBP’s printwork, namely Pakistan Security Printing Corporation (PSPC), has robust system of quality control to segregate and to prevent the flow of misprinted banknotes into public circulation. 

“Some of the notes are misprinted occasionally but the same are detected through the checks and balances put in place. However, no matter how robust and effective a manmade system is, it’s still susceptible to a margin of error, whether here or elsewhere including the developed jurisdictions.” 

The instant case involves the discovery of only ten (10) misprinted banknotes in the consignment of NBP’s Model Colony Branch, which is minuscular as to be immaterial when compared with total number of notes that are printed and circulated in the country.  

However, the internal controls are being further strengthened to avoid recurrence of such instance in future, the SBP said.

Where to Exchange Misprinted Banknotes? 

SBP said the misprinted banknotes, received by the public or commercial banks can be claimed in exchange for fit banknotes from any Office of the State Bank of Pakistan, Banking Services Corporation (SBP-BSC) across the country under the State Bank of Pakistan (Note Refund) Regulations, 1963.

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Currency Rates in Pakistan - Pakistani Rupee to US Dollar, Euro, Dirham, Riyal 13 June 2024

Pakistani currency rates against US Dollar and other currencies on June 13, 2024 (Thursday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 277.6 for buying and 280.65 for selling.

Euro's buying rate stands at 296 and selling rate is 299 while British Pound rate is 350.5 for buying, and 353 for selling.

UAE Dirham AED was at 75 and Saudi Riyal at 75.9.

Source: Forex Association of Pakistan. (last update 08:00 AM)
Currency Symbol Buying Selling
US Dollar USD 277.6 280.65
Euro EUR 296 299
UK Pound Sterling GBP 350.5 353
U.A.E Dirham AED 75 75.9
Saudi Riyal SAR 73.1 73.85
Australian Dollar AUD 182 184
Bahrain Dinar BHD 740.88 748.88
Canadian Dollar CAD 204 206
China Yuan CNY 38.38 38.78
Danish Krone DKK 40.14 40.54
Hong Kong Dollar HKD 35.66 36.01
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.19 917.19
Malaysian Ringgit MYR 59.3 59.9
New Zealand Dollar NZD 170.79 172.79
Norwegians Krone NOK 25.97 26.27
Omani Riyal OMR 723.52 731.52
Qatari Riyal QAR 76.42 77.12
Singapore Dollar SGD 203.5 205.5
Swedish Korona SEK 26.4 26.7
Swiss Franc CHF 309.94 312.44
Thai Bhat THB 7.56 7.71

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