Islamabad: In order to make the financial system in the country more secure and modern, the State Bank of Pakistan has decided to make a major change in the design of currency notes. Governor Jamil Ahmed told the parliamentary committee that the preparation of the new notes has been completed and the summary has been sent to the federal cabinet for approval.
He said that the State Bank board has finalized the designs of all denominations of notes, in which the latest security features have been included to prevent counterfeit notes and further strengthen public confidence.
The Governor further said that the introduction of plastic currency notes is also being reviewed keeping in mind the future needs. According to him, these notes will be more durable and environmentally friendly, but initially they can be issued on an experimental basis.
Explaining the Rs 5,000 note, he said that there is no proposal under consideration to abolish this large denomination note and the public should not believe the news spread about it.
During the meeting, FBR Chairman Rashid Mahmood Langrial also opined that the abolition of large notes could have a negative impact on business activities. Committee Chairman Saleem Mandviwala said that the matter should be considered closed after the central bank’s clarification.
According to experts, the issuance of new design currency notes will prove to be an important step in improving financial transparency and security.
New design of currency notes coming in Pakistan, State Bank sends summary to cabinet, plastic notes also under consideration
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