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.
