Karachi
Pakistan’s central bank will introduce a new polymer plastic currency banknote later this year. The central bank will also redesign all existing banknotes for better security and hologram features.
All existing paper currency notes are being redesigned with new security features by December this year, State Bank of Pakistan Governor Jamil Ahmed told the Senate Committee on Banking and Finance in Islamabad.
Ahmed said newly designed banknotes in denominations of Rs 10, 50, 100, 500, 1000 and 5000 will be issued in December.
“The old notes will remain in circulation for five years and the central bank will remove them from the market,” a source said.
The State Bank governor told the Senate committee that a new polymer plastic banknote would be issued to the public in one denomination and if it was well received, the plastic currency would be issued in other denominations as well.
About 40 countries currently use polymer plastic banknotes, which are harder to counterfeit and have more advanced security features such as holograms and transparent windows.
Australia was the first country to introduce polymer banknotes in 1998.
Ahmed also confirmed that the central bank has no plans to demonetise the Rs 5,000 note. However, one of the members, Mohsin Aziz, insisted that this would make it easier for corrupt people to carry on their business.
Governor gave information
State Bank of Pakistan Governor Jamil Ahmed told the Senate Committee on Banking and Finance in Islamabad that all existing paper currency notes are being redesigned with new security features by December this year. Ahmed said the newly designed banknotes in denominations of Rs 10, 50, 100, 500, 1000 and 5000 will be issued in December.
Initially there will be only trial
According to media reports, the old notes will remain in circulation for five years and the central bank will remove them from the market. The State Bank Governor told the Senate committee that a new polymer plastic bank note will be issued in one denomination for the public, and if it gets a good response, plastic currency will be issued in other denominations as well.
For the first time this country started
Currently, about 40 countries use polymer plastic banknotes, which are harder to counterfeit and have more advanced security features such as holograms and transparent windows. Australia was the first country to introduce polymer banknotes in 1998. Ahmed also confirmed that the central bank has no plans to discontinue the Rs 5,000 note. However, one of the members, Mohsin Aziz, insisted that this would make it easier for corrupt people to carry on their business.
