State Bank of Pakistan (SBP) on Wednesday issued a clarification about the misprinted banknotes and said that there is a possibility that despite all quality checks, certain pieces of misprinted banknotes may end up with banks or the public, however, such banknotes can be exchanged.
In a statement, the bank said that 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.
It further said that production processes of such a large magnitude are prone to some imperfections. Therefore, there is a possibility that despite all quality checks, certain pieces of misprinted banknotes may end up with banks or the public.
“SBP’s print work, namely Pakistan Security Printing Corporation (PSPC), has a robust system of quality control to segregate and 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 statement concluded.
