State Bank Issues Clarification on Misprinted Rs 1,000 Banknotes

The State Bank of Pakistan (SBP) stated that people or banks can swap misprinted banknotes for correct ones at any Banking Services Corporation (SBP-BSC) office nationwide, following the State Bank of Pakistan (Note Refund) Regulations, 1963.

The statement comes after a video, shared by a bank employee, went viral, showing that the bank had received some Rs. 1,000 notes with printing errors, sparking attention on social media. Furthermore, the bank said that it had given out these misprinted stacks of banknotes to several customers throughout the day.

The central bank explained that errors sometimes occur in large-scale production despite quality checks. Misprinted notes can enter circulation but can be exchanged at SBP-BSC counters. The Pakistan Security Printing Corporation (PSPC), responsible for printing, has rigorous quality control to prevent this, though occasional errors happen and are usually caught.

While systems aim to be flawless, human-made processes are prone to errors, acknowledged the SBP. The recent case involved only ten misprinted notes out of the vast number printed and circulated. Nonetheless, internal controls are being strengthened to prevent such incidents in the future.

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