Islamabad: The Senate Standing Committee on Finance and Revenue convened at Parliament House under the leadership of Senator Saleem Mandviwalla to address pressing issues involving currency security, remittances, and foreign investment. The meeting, attended by key senators, highlighted challenges surrounding counterfeit currency, the Pakistan Remittance Initiative, and the protection of foreign investments.

According to Senate of Pakistan, the Committee scrutinized the delayed response from the State Bank of Pakistan regarding the verification of Rs. 5,000 currency notes submitted two years ago. The Deputy Governor of the State Bank briefed the Committee on efforts to redesign the Rs. 5,000 note, citing advancements in technology as a factor in increased counterfeiting. A tender process for the new design has been completed, with the design awaiting government approval. The Chairman requested comprehensive details of the bidding process and expressed concerns over counterfeit currency circulation.

Discussion also centered on the Pakistan Remittance Initiative, with the State Bank’s Governor explaining that banks previously received government subsidies to facilitate remittances. Due to fiscal constraints, these subsidies have been discontinued, and banks are now covering costs independently to maintain remittance services. The Committee plans to invite banks to its next meeting for a performance review in the remittance sector.

The meeting further delved into the protection of foreign investments, with the Committee expressing concern over pending cases despite the State Bank’s assurances. A detailed report on such cases was requested. Additionally, the Committee addressed concerns about companies potentially engaging in fraudulent practices, urging regulatory scrutiny to protect public investments.

The meeting concluded with calls for timely action against fraud and a commitment to safeguarding public finances.