ISLAMABAD: The State Bank of Pakistan is planning to change all currency notes from Rs10 to Rs5,000 besides introducing plastic currency notes that will be ready at the end of this year and after government approval may replace the current paper notes.
This was stated by State Bank Governor Jameel Ahmed while attending a meeting of the Senate standing committee on finance in Islamabad.
The meeting chaired by Senator Salim Mandviwala was informed that the new design of notes would be ready by December this year and these would have all security features.
The State Bank governor also said that they were working on the initiative and approval would be taken from the federal cabinet after completion of work on the initiative. The initiative includes the introduction of one plastic currency note as well.
He said we will check, if the plastic notes are well received by the public, they may become a permanent part of the country’s currency system.
However, Senator Shahzeb Durrani said that when efforts were being made to ban the use of plastic for environment protection, why the SBP was launching plastic currency notes.
Senator Mohsin Aziz suggested that the Rs5,000 currency note should be abolished in order to check smuggling and corruption. However, the SBP governor said that the Rs5,000 note would not be closed and neither there was any such proposal.
Every aspect should be taken into consideration before launch of such a intuitive, another member of the committee added.
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