SBP confirms authenticity of Rs500 notes without OVI flag

KARACHI: The State Bank of Pakistan on Monday validated Rs500 banknotes without Optical Variable Ink (OVI) flag, dispelling doubts about the authenticity of such notes.

The doubts about the authenticity of these banknotes emerged from some social media reports.

The central bank, however, dispelled this feeling of uncertainty among masses stating that from 2006 to 2009, Rs500 notes were issued without the OVI flag feature.

The OVI is an anti-counterfeiting measure used on many major modern banknotes, as well as on other official documents, which displays two distinct colors depending on the angle the bill is viewed at.

The State Bank had introduced new design banknotes of Rs 500 in 2006.

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.

The central bank further urged masses to learn more about the security features in Pakistani banknotes through section in SBP website titled “Rupay ko Pehchano”.