Rs. 500 Bank Notes controversy: SBP clarifies report

Rs. 500 Bank Notes controversy: SBP clarifies report
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KARACHI: The State Bank of Pakistan has clarified the news circulating in certain sections of media about the authenticity of the new Bank Notes of Rs. 500.

The State Bank of Pakistan on Monday dispelled the rumours that caused doubts about the authenticity of banknotes without Optical Variable Ink (OVI) flag.

These banknotes carry state of the art security features, besides, change in size, design and color scheme.

Later on another security feature, the colour shifting flag made of Optical Variable Ink (OVI) was added to enhance the anti-counterfeiting resilience and ease in identification by the general public, the SBP statement added.

This, however, resulted in availability of both types of Rs 500 banknotes viz issued during 2006-2009 without OVI, and issued w.e.f January 25, 2010 with OVI feature.`It is, therefore, clarified for benefit of all concerned that new design banknotes of Rs 500, with and without OVI flag, are genuine provided all other security features are intact, The News reported.

The SBP said that it had added the OVI flag feature to already existing security features on the notes from January 25, 2010.

“The color shifting flag made of Optical Variable Ink (OVI) was added to enhance the anti-counterfeiting resilience and ease in identification by the general public,” it said in a press statement.

This, however, resulted in availability of both types of Rs 500 banknotes, the statement added.

“It is, therefore, clarified for benefit of all concerned that new design banknotes of Rs500, with and without OVI flag, are genuine provided all other security features are intact,” the SBP said.

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