In the past couple of weeks I have come across a few shopkeepers who have complained of people handing fake 1000 rupee bills to them, especially the gas stations. The new thousand rupee note, looks fake even if it is an original one, as the “officials” forgot to use green ink, instead they choose red for the flag of Pakistan. Unhindered circulation of counterfeit bills, particularly of Rs 5,000 denomination, is at its peak in Islamabad these days. The fake bills look so genuine that no one can tell them from genuine ones.
There are two types of fake bills. A quality bill is 80 percent similar to a genuine bill of Rs 1,000 denomination and can be purchased for Rs 50 or Rs 70, while the B quality bill is 60 percent similar to the genuine bill of Rs 1,000 denomination and sells for Rs 15 to Rs 30. Likewise, a fake bill of Rs 5,000 denomination can be purchased for Rs 100 to Rs 200 from the open market
The business community is however using another solution “imported” from, yep, you know where. Yes our next door neighbor China, as it stands we are not really capable of coming up with our own technology to handle such crises. This is a special type of torch and I anticipate everyone here in the capital should invest in buying one. Statebank has the technology to check the counterfeit bills, but as expected, it’s too “advanced” and “expensive” for a common man to afford.