, July 9 -- In a major move to curb the circulation of counterfeit money, the government has enacted a new law under which individuals found in possession of fake currency notes will face a maximum penalty of 7 years in prison.

The strict legislative measure aims to safeguard the stability of the country's financial system and protect citizens from the growing menace of counterfeit notes.

According to banking wing officials of the Financial Institution Division (FID), Ministry of Finance the law mandates rigorous penalties for various offenses related to counterfeit currency. Under the newly formulated legal framework, intentionally keeping, using, or dealing in forged or fake bank notes will be treated as a severe criminal offense.

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