Is State Bank of India authorised to issue genuine banknotes in lieu of counterfeit notes?
Saleem Raza, former governor of the State Bank of Pakistan, said the fake notes were just a piece of paper and no institution could give money to anyone in exchange for a burnt note.
Speaking to the BBC, Saleem Raza said the state or any of its institutions, such as the State Bank, cannot lend money to anyone who receives counterfeit notes.
He said that if the State Bank starts this work, an endless chain of claims will start.
The former governor said that if a person gets a fake note, it is the way to show it to the bank cashier as they are the ones who identify the note.
"If there is a transaction of fake notes between two people, it is a legal matter which can be settled in court."
Banking affairs expert Rashid Masood Alam told the BBC that if you see at the bank's cash counter that the note is fake, the note can be returned, but once you leave the bank, it is not possible.
"At an individual level, it can be a case of forgery which can be dealt with legally, but for that to happen there has to be concrete evidence.
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