Islamabad (Pakistan News) State Bank Governor Jameel Ahmad has announced that the design of currency notes will be changed by December, however, the introduction of plastic currency notes will be tested, and if they gain public acceptance, they will be continued.
The Senate Standing Committee on Finance, chaired by Saleem Mandviwalla, held a meeting during which the Governor of the State Bank stated that all currency note designs would be changed by December. Once the new designs are approved, these notes will be issued. The new currency notes will feature enhanced security features.
During the committee meeting, discussions were held on digital and plastic currency. While briefing the committee, Governor Jameel Ahmad mentioned that work is currently underway on the new currency notes. The durability of plastic notes will be evaluated, and by the end of this year, the exercise of introducing new notes will be completed, with all currency notes set to be replaced.
Senator Shahzaib Durrani expressed concerns that while efforts are being made to eliminate plastic, the introduction of plastic currency is being considered. In response, the Governor stated that plastic currency will be tested first, and if it receives public acceptance, it will be continued.
Senator Mohsin Aziz highlighted that the 5,000-rupee note is a root cause of corruption, as it is often associated with corrupt practices. He added that these high-denomination notes are often stored in pillows and basements. Senator Aziz suggested that discontinuing the 5,000-rupee note could help curb corruption, noting that when the 5,000-rupee note was introduced, its value was significantly higher.