State Bank of Pakistan (SBP) Jameel Ahmed Governor Monday announced that the central bank has taken a principled decision to overhaul the existing currency system by introducing new currency notes across all denominations.
In an informal conversation with reporters, the central bank governor said the motive behind this move is to combat individuals/entities involved in illicit financial activities within the country.
The State Bank governor assured the public that these new notes would be printed on material that would incorporate state-of-the-art International Security Features, which would help enhance the security of the legal tender and curb the circulation of counterfeit currency notes.
The governor said SBP plans to organize a competition in February (next month) for the design of the new currency notes. The competition will focus on creating visually appealing notes with intricate designs, vibrant colors, and advanced security features.
The governor said the design framework for the new notes has already commenced and is anticipated to be completed by March.
“However, we will not change the notes like India,” the SBP governor noted, a move that had sent shockwaves across India when it demonetized in 2016.
SBP sources told ProPakistani that the decision to revamp the currency has been prompted by a rising number of complaints regarding the circulation of fake notes across the country. The bank aims to address these concerns by implementing a comprehensive strategy that includes the introduction of technologically advanced security features on the new currency notes.
Sources added that this groundbreaking initiative is expected to not only combat black money within the country but also bolster the overall integrity and security of the currency.
Lol. Such fake news floats every few months. If that’s not fake, show the SBP reference.
It was released in an official press conference
I have been suggesting since years to print new currency notes with enhanced security features beside improving the quality by mixing some plastic with paper. This would not only make it difficult for forgers but also the currency notes will be kept straight.
Why we can’t ehnanced the current notes security features and other improvisation instead printing entirely the new notes with new design….it would cost hell amount…
Very Good decision of present Government. we agreed
This was made by the state bank not the government
Obviously we have a lot of money to waste.
You actually have no idea about the fake Rs. 500 & Rs. 1000 notes flourishing in the market at a huge pace. My neighbor was scammed with fake Rs. 1000 notes just last month. Instead of criticizing, you must appreciate this move.
3 major benefits of such decision
1. Counter black money
2. Stop fake currency/counter fiat circulation in the market
3.a hard kick on hawala mafia balls
How it will impact hawala mafia?
Very good decision
Idea is good to change the old currency into new currency.
Pakistan will prosper only when the law and order is fixed and true democracy is prevailed under the guidance of Islam.
How do we know we’re on the right path? It will happen when a poor farmer can win a court case against corrupt elite or land grabber.
Give people the right of vote, don’t snatch their haq
Ab bank ja k paisy change krwany ho n gy?kia ajeeb masla hy ab ye b kro
Ni bank khud aye ga. NP
Nahi aap ghar pe araam se raho aapke pas mai khud aoonga aapko new note denay
Very very good decision but not possible to implement.
This decision will be erased by politicians and black money owners who has tons of money under their Bed……hahaha
…shhhhhhhhhh
WILL NO ANY AFFECT ON BLACK MONEY OWNERS BECAUSE THEY HAVE ALREADY TURNED PAK RUPPEE IN DOLLARS
Asif Ali Zardari’s Picture must be printed on new Pakistani notes to counter fraud and corruption.
If this is true so in my opinion its a great move forward
IT IS BUT WILL BE WASTE OF TIME AND MONEY AS BLACK MONEY OWNERS DON’T WANT THEIR MONEY IN PAK RUPPEE INSTEAD THEY HAVE TURNED INTO DOLLARS
Great news! Make the people stand in long queues in front of the banks to exchange their old currency notes with the new ones. After electricity, gas, wheat flour, onions, eggs etc. now this new step. Do not allow the common man to have mental peace. Continue diverting his attention to such matters so that he has no time for any productive work. Carry on…
A polymer banknote/currency note is the need of the hour, which will significantly last longer than the paper note.
Introduction of plastic currency is the need of the time, not paper
Better to introduce digital currencies. All digital payments be made online or through POS (Point of Sales) machines. No cash to be accepted any where across Pakistan. This will stop bribes. ransoms and other criminal activities involving cash payments. Will make the Tax collection smoothly. Hoarding / Withholding physical cash will vanish as only digital currencies will be operated by the financial institutions. Money Laundering will be stopped as the digital currencies payments will have transaction records of its flow and source from where it came and gone. etc etc. alot more benefits
May be a good decision but it should be done in steps not once bcoz it may increase the burden on banks and people.
Too much time we have for exchanging the currency notes and too much money we have which we can waste to print new notes.
If you want to counter fake notes and also improve tax net, you should focus on digital currency and debit card system.
Replacing notes is a stupid decision, its as bad as taxing solar when you have no electricity production in the country
It’s program is wast of money and time.
Excellent idea! SBP is a great.
نئے کرنسی نوٹ کا سائز ایک جیسا ہونا چاہیے 50،100،500،100 والے نوٹوں کا سائز ایک جیسا ہو تاچاہیے ۔ 5000والے نوٹ نہیں ہونے چاہیے ۔
If the purpose is to eliminate the black hauling of money so that is fine but this process should be across the board including the politicians, beurocrats, technocrats, Establishment, Armed forces and not only for common people. Only in this way, we can do betterment for the country to some extent.
Only 5k & 1k denomination should be changed.
Rest is wastage of resources.
Immediately banks start receiving the notes and transfer in the individual ‘s account like 4p k prize bonds, else, prices of gold and dollar will increase due excessive buying by illegal money holders.
What a bold and incredible move by SBP for encouraging the fake bills hovering around the country also good for redemption of black money. I suggest them to go for polymer currency bills to enhance security and these notes are nearly impossible to counterfeit also good for longer term used because these are waterproof and harder to tear them apart.