Islamabad: Preparations have started for a major change in the design of currency notes in Pakistan, where the State Bank of Pakistan has sent a proposal to the federal cabinet to introduce new notes equipped with modern security features. Governor State Bank Jamil Ahmed, while briefing the parliamentary committee, said that the central bank has prepared new designs for currency notes of all denominations.
He said that the State Bank board approved the designs of the new notes after a detailed review and sent them to the federal government for final approval. After receiving the government’s approval, the new notes will be introduced in the market in phases.
According to the Governor, the new currency notes will be equipped with world-class security features and modern technology to prevent counterfeiting and duplication. He also said that a proposal to introduce plastic currency notes on a trial basis is also under consideration, which will increase the durability of the notes.
On this occasion, rejecting rumors about the abolition of Rs 5,000 notes, Jamil Ahmed clarified that no proposal is under consideration in this regard and this note will continue to be in circulation.
Chairman FBR Rashid Mahmood Langrial also informed the committee that the abolition of high-denomination notes could create uncertainty in the economy. Later, Committee Chairman Saleem Mandviwala said that since the State Bank has clarified, there is no need for further discussion on this issue.
