The State Bank of Pakistan (SBP) announced today that it will issue new currency notes in denominations of 20, 50, 100, 500, 1000, and 5000 rupees. The new notes will feature enhanced security features to combat counterfeiting, which is a major problem in Pakistan. SBP Governor Jameel Ahmed said that the new notes will have "state-of-the-art international security enhancements" that will make them difficult to counterfeit. He added that the new notes will also have updated designs to modernize Pakistan's currency system.
The new notes will be introduced gradually, replacing the old notes in circulation. SBP said that it expects the transition to be smooth. Some experts have expressed concern that the new notes could lead to a demonetization in Pakistan, as the government could choose to withdraw all old notes from circulation. However, SBP has not yet confirmed whether this will be the case.
Key Features of the New Currency Notes
New notes will include various security features to deter counterfeiting, such as a color-changing security thread under ultraviolet light, a visible watermark when held up to light, difficult-to-reproduce micro-printing, and an embedded security strip. The updated designs of the new notes will showcase Pakistan's culture and history, along with new security elements like a holographic image of the national flag.
Impact of the New Currency Notes
The introduction of new currency notes is a significant measure by the SBP to combat counterfeiting. It is expected that the new notes will make it harder for counterfeiters to produce fake currency, thereby reducing the circulation of counterfeit money, the new notes are anticipated to modernize Pakistan's currency system and enhance public trust in the rupee.