In a groundbreaking move to combat corruption and bolster transparency, the State Bank of Pakistan (SBP) has announced the imminent release of new currency notes across all denominations. The initiative aims to address the surge in counterfeit currency complaints by introducing innovative designs, unique serial numbers, and cutting-edge security features.
SBP Governor Jameel Ahmed emphasized the pressing need for this transformative step, considering the alarming rise in reported cases of fake currency notes. The central bank, under Ahmad’s leadership, has initiated the framework for the production of these revamped currency notes.
Ahmad further elaborated that the new currency notes will crafted from materials incorporating the latest International Security Features, ensuring a higher level of security for the nation’s legal tender. This move poised to not only thwart counterfeiters but also instill confidence in the public regarding the authenticity of their currency.
The decision to introduce updated designs and security features comes at a crucial time, as concerns over the circulation of counterfeit currency have become more pronounced. The shift is part of SBP’s broader strategy to modernize the country’s currency and align it with global standards.
In related developments, Pakistani senators recently advocated for the discontinuation of the Rs 5,000 currency note. A resolution tabled in the Upper House of Parliament, urging a ban on this high-denomination note due to its perceived association with corruption, terrorism, and smuggling.
Reports suggest that a substantial amount of Rs 5,000 currency notes, totaling Rs 2 trillion, not in circulation and instead stored in secure deposits. This move by the central bank addresses both the need for enhanced security in circulating currency as well as concerns surrounding specific high-denomination notes.
The unveiling of these new currency notes signifies a significant stride towards a more secure and transparent financial landscape in Pakistan. As the nation prepares to embrace these changes, the State Bank’s proactive measures expected to set a positive precedent in the ongoing fight against corruption and illicit financial activities.