Governor Jameel Ahmed of the State Bank of Pakistan announced plans to introduce new designs for currency notes ranging from Rs 10 to Rs 5,000 by December 2024.
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The plan, which still needs approval from the federal cabinet, includes updating the Rs 10, Rs 20, Rs 50, Rs 100, Rs 500, Rs 1,000, and Rs 5,000 notes with better security and new designs.
During a meeting with the Senate Standing Committee on Finance, led by Senator Farooq H Naik, Governor Ahmed spoke about the rumors that the Rs 5,000 note might be discontinued.
He explained that the Rs 5,000 note will not be discontinued but will get a new design. Additionally, the SBP is considering introducing plastic currency made from polymer material, which could replace paper currency if it proves to be more durable.
During the meeting, Senator Mohsin Aziz proposed getting rid of the Rs 5,000 note to fight smuggling. However, the SBP Governor turned down this idea, confirming that there are no plans to eliminate the note and stressing that it will remain part of the new currency set.
He also assured that the new currency notes will be made with the latest technology to improve security features. He mentioned that the SBP is asking the public for their opinions on the new note designs and is actively seeking suggestions from citizens.
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To emphasize the transparency of the process, he explained, “For each denomination, there are three prizes, and with seven denominations in total, that makes 21 prizes. The first prize is Rs1 million, the second prize is Rs500,000, and the third prize is Rs300,000.”
He explained, “New currency notes are printed every 15 to 20 years. The reason for introducing new notes is to ensure that the notes remain secure and retain their quality over time, preventing counterfeiting and maintaining their integrity.”
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