Reporter : ANI
ISLAMABAD –The Senate Standing Committee on Finance and Revenue, chaired by Senator Saleem Mandviwalla, reviewed issues related to counterfeit currency, the Pakistan Remittance Initiative (PRI), protection of foreign investments and alleged fraudulent practices by companies.
The State Bank informed the committee that a tender had been awarded for designing a new Rs. 5,000 banknote, with approximately one year required before the new notes could enter circulation.
The committee was also briefed that Rs. 120 billion had previously been provided as a subsidy to facilitate remittances. Due to fiscal constraints, banks will now bear the associated costs from their own resources.
The committee sought details of pending cases involving foreign investors and stressed timely action against companies allegedly involved in fraudulent practices to protect public investments.
