SBP takes notice of fake currency notes in ATMs

ISLAMABAD – The State Bank of Pakistan (SBP) took serious notice of the reports of distribution of fake currency notes from the ATMs of various banks and issued directives to the banks to keep the video data of the CCTV installed at ATMs for 60 days.

According to the fresh directive of the SBP, the preservation period of video recording has been standardised to 60 days for Cash Feeding/Standalone Branches, and onsite and offsite ATMs. However, in case of any dispute, the recording shall be preserved till the dispute is finally settled, the SBP directed. In case of use of special uniforms, pocket-less dress by Note Sorting Staff, the SBP has also amended its previous orders and it had been made mandatory that the requirement of special uniforms/pocket-less dress by note sorting staff and their supervisors at the cash processing places, are applicable for Cash Processing Centers (CPCs) only.

It may be mentioned that those who are using the ATMS for withdrawal of the cash got fake currency notes and these notes are not exchangeable or returnable by the banks and it was total financial loss of the ATMs user. These ATMS normally provide fake currency notes of Rs500 and Rs1,000 and it is only possible when the bank staff refilled the machines.

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