Despite having corroboration from State Bank of Pakistan (SBP) regarding
the circulation of counterfeit currency in the country, concerned
agencies remain unable to draft mechanism to avert currency smuggling,
which is not only creating detrimental impact on economy but may also
use for terrorism financing; it was learnt here on Sunday.
According to sources, deputy governor State Bank of Pakistan at a press conference held in Lahore confirmed that anti-state elements were involved in circulating counterfeit Pakistani currency in the country.
Meanwhile, Chairman and Managing Director of Pakistan Security Printing Corporation, Misbah Tunio at a same press conference apprehended that counterfeit Pakistani currency was exclusively being used for terrorist activities in the country.
He further informed that unscrupulous elements were using same paper and ink in the production of fake currency notes, which could only be detected by the experts.
When contacted, officials in Federal Investigation Agency (FIA), Customs Intelligence agency, etc, they remain clueless to identify the gang involved in this business, despite having substantial evidences of the circulation of counterfeit Pakistani currency in the market.
Meanwhile, sources, involved in currency exchange business, informed that counterfeit Pakistani currency especially 500 and 5,000 notes were being smuggled from Dubai via carriers in connivance with the officials of concerned agencies posted at airports.
Moreover, sources said that it was an open truth that carriers, who had connections with officials of FIA, customs intelligence and other agencies, were used to smuggling fabric, currency, IT gadgets, smartphones, etc against fixed amount of bribe.
"Officials of different agencies have no concern what kind of goods are being brought in the country but they are wary about the weight carrying by the carriers; not for the sake of duty and taxes but to raise its share of bribe," sources said.
They further said that fake Pakistani currency was being smuggled through night flights, coming especially from Dubai and added that there were reports that billions of rupees counterfeit Pakistani currency was circulated by the bookies during Cricket World Cup 2015.
When contacted, officials posted at Karachi airport showed in-cognizance about the smuggling of counterfeit Pakistani currency in the country, saying that they had no such information. They said: "We have directives to monitor the movement of foreign currency only," reflecting the non-seriousness of concerned authorities to deal with this grave issue.
According to sources, deputy governor State Bank of Pakistan at a press conference held in Lahore confirmed that anti-state elements were involved in circulating counterfeit Pakistani currency in the country.
Meanwhile, Chairman and Managing Director of Pakistan Security Printing Corporation, Misbah Tunio at a same press conference apprehended that counterfeit Pakistani currency was exclusively being used for terrorist activities in the country.
He further informed that unscrupulous elements were using same paper and ink in the production of fake currency notes, which could only be detected by the experts.
When contacted, officials in Federal Investigation Agency (FIA), Customs Intelligence agency, etc, they remain clueless to identify the gang involved in this business, despite having substantial evidences of the circulation of counterfeit Pakistani currency in the market.
Meanwhile, sources, involved in currency exchange business, informed that counterfeit Pakistani currency especially 500 and 5,000 notes were being smuggled from Dubai via carriers in connivance with the officials of concerned agencies posted at airports.
Moreover, sources said that it was an open truth that carriers, who had connections with officials of FIA, customs intelligence and other agencies, were used to smuggling fabric, currency, IT gadgets, smartphones, etc against fixed amount of bribe.
"Officials of different agencies have no concern what kind of goods are being brought in the country but they are wary about the weight carrying by the carriers; not for the sake of duty and taxes but to raise its share of bribe," sources said.
They further said that fake Pakistani currency was being smuggled through night flights, coming especially from Dubai and added that there were reports that billions of rupees counterfeit Pakistani currency was circulated by the bookies during Cricket World Cup 2015.
When contacted, officials posted at Karachi airport showed in-cognizance about the smuggling of counterfeit Pakistani currency in the country, saying that they had no such information. They said: "We have directives to monitor the movement of foreign currency only," reflecting the non-seriousness of concerned authorities to deal with this grave issue.
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