The State Bank of Pakistan has revealed that counterfeit Rs1,000 currency notes are in circulation far more than any other denomination.

SBP’s Director Finance Qadir Bakhsh said on Thursday that a toatl of 20,000 fake currency notes had been found in the country in the last two years.

However, Bakhsh added that no complaints had been received in the past one year.

The director also revealed that consumers had complained of receiving fake notes from ATMs across the country. He added that in case a fake note was found, the bank would be fined equal to the amount of the note.

He also added that banks are bound to keep CCTV footages of ATMs secure for ninety days.

In December, the SBP’s deputy governor had been left red-faced in a Senate Committee meeting when asked to identify if a Rs5,000 note was real or fake.

The Bank had consequenlty released a video highlighting the indentifying features of the Rs5,000 note.