ISLAMABAD (Kashmir English): The State Bank of Pakistan (SBP) has recommended a cabinet proposal that includes new currency designs that feature modern security elements, according to Governor of the State Bank Jameel Ahmad, who spoke to a parliamentary committee.
The State Bank board has approved new currency designs, which the board has sent to the federal government for its official approval process. The federal government possesses ultimate authority to approve new currency notes, according to the governor.
The committee received information from him about the complete redesign process for all currency notes, which now uses current technological advancements for both design work and new note production.
The introduction of plastic (polymer) currency notes is also being considered on a pilot basis. The State Bank governor confirmed that the Rs5,000 currency note will remain in circulation since there is no active proposal to discontinue it.
FBR Chairman Rashid Mahmood Langrial explained that any changes to the Rs5,000 note would cause economic instability during his speech at the event.
The State Bank governor confirmed that the Rs5,000 note remains in circulation, which means the issue has reached its conclusion, according to Committee Chairman Saleem Mandviwalla. The meeting examined two topics, which included SMS fees that banks apply when customers withdraw or deposit cash at ATMs.
The committee chairman observed that banks impose SMS alert fees on their customers. The State Bank governor explained that mandatory SMS alerts come with no additional costs, while customers must pay for extra service-related messages.
The State Bank does not receive any payments from telecom companies for these costs, which customers must pay directly to the telecom companies.
