The State Bank of Pakistan (SBP) decided to replace currency notes with denominations ranging from Rs 10 to Rs 5,000. According to details, SBP Governor Jameel Ahmed told the Senate Standing Committee on Finance that the central bank will soon permission from the federal cabinet to introduce the new currency note. He said that new currency note denominations of Rs 10, Rs 20, Rs 50, Rs 100, Rs 500, Rs 1000, and Rs 5000 having all new features will be issued by December 2024. The Senate Standing Committee on Finance chaired by Senator Farooq H Naik was also briefed by the SBP governor that contrary to rumors, the Rs 5,000 note will not be phased out, but replaced with a new design. The SBP governor said that besides paper currency note, plastic notes made from polymeric material will also be issued. “Plastic currency will be used in the future if it proves to be more durable than paper currency,” the Jameel Ahmed added. During the meeting, Senator Mohsin Aziz proposed to phase out Rs 5000 note to curb smuggling, however his suggestion was rejected by the SBP governor. “The Rs 5,000 note will not be phased out and no such proposals are being considered.” The SBP governor said.

Credit: Independent News Pakistan