ISLAMABAD: The State Bank of Pakistan (SBP) has assured the Senate Standing Committee on Finance to improve regulations to efficiently check the circulation of fake notes of Rs5,000 in the country.

The Senate Standing Committee also took up the issue of fake notes of Rs5,000, here on Tuesday.

Pakistan Peoples’ Party (PPP) Senator Salim Mandviwala presented a few counterfeit Rs5,000 notes to the Senate Standing Committee on Finance, highlighting the rampant circulation of counterfeit notes.

Deputy Governor of the State Bank of Pakistan (SBP) Dr Inayat Hussain refused to entertain the suggestion of replacing the fake notes with real ones, citing concerns about potential misuse and abuse.

He went on to say that even fake dollars are being published across the globe but assured that they were working on improving regulations to control the production and circulation of fake currency within Pakistan.

About the non-filing of returns by FBR officers, the Chairman FBR, Amjad Zubair Tiwana, said that there were a total of 19,151 employees of the FBR working out of which 10,102 were return filers. He explained that there were 9,049 non-filers out of which there were 8,503 non-filers who earned below Rs50,000 per month.

There are 325 officers who are working on deputation and are not supposed to file the returns. There are only 209 officers whose income fall under the taxable slabs but did not file their returns. Now there were reports that 186 also filed their returns till today.

Copyright Business Recorder, 2023