ISLAMABAD: The State Bank of Pakistan (SBP) has clarified that it planned to change the features and colours of the Rs 5000 currency note; however, rumours about its closure are baseless.
The Governor of the State Bank briefed the committee, stating that new designs for all currency notes, ranging from Rs 10 to Rs 5,000, have been developed. Proposals regarding these new designs have been submitted to the Ministry of Finance.
He explained that the central bank has conducted extensive work on the new notes, and after obtaining approval from the State Bank Board, the matter has been forwarded to the federal cabinet. The new currency will incorporate modern security features to help prevent counterfeiting.
During the meeting, the Governor clarified that there is no proposal being considered to abolish the Rs 5,000 note, refuting any circulating rumours. He emphasised that the final decision on the new notes will be made by the federal cabinet, which is currently evaluating the situation.
The Chairman of the Committee inquired about the process of preparing the new designs. In response, the Governor indicated that the Standing Committee could receive an in-camera briefing in the next meeting, where samples of the new notes would also be presented.
The Committee was informed that the Federal Cabinet has not yet reached a final decision, but progress on the matter is anticipated soon.
