Islamabad: The State Bank of Pakistan (SBP) has planned to replace the currency notes ranging from Rs 10 to Rs 5,000. As per the latest updates, the Senate Standing Committee on Finance was informed by SBP Governor Jameel Ahmed that the federal cabinet will shortly grant the central bank authorization to introduce the new currency note. By December 2024, he said, new currency notes denominations with all new features—Rs 10, Rs 20, Rs 50, Rs 100, Rs 500, Rs 1000, and Rs 5000—will be released.
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The governor of SBP updated the Senate Standing Committee on Finance, chaired by Senator Farooq H. Naik. The governor stated that, in contrast to rumors, the Rs 5,000 note will not be phased out but will instead be replaced with a new design. The governor of the SBP announced that in addition to paper money notes, plastic money notes composed of polymeric material will be released. The Jameel Ahmed continued, “If plastic money is shown to be more resilient than paper money, it will be used in the future.”
Furthermore, in the meeting, Senator Mohsin Aziz suggested to phase out Rs 5000 note to curb smuggling. However, his recommendation was not taken 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.
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