Jameel Ahmad, governor of the State Bank of Pakistan, informed that the bank will be changing all the currency notes into a polymer base by the end of this current year. This is to develop a new look of currency for Pakistan and for security reasons.
Changing Share of Polymer Currency Notes
Ahmad gave a briefing to the Senate Standing Committee on Finance, headed by Senator Saleem Mandviwalla, regarding the SBP’s plans. He said the introduction of polymer notes would be completed a year from now.
“We are ready to introduce polymer currency notes,” Ahmad said, adding that in the first phase, one denomination was to be launched, which would be taken up by the cabinet for review and approval.
Improved Security Features
Advanced security features are part of the new polymer notes to combat the problem of counterfeiting. These features, assured Governor Ahmad, should greatly reduce the phenomenon of counterfeiting. The SBP has also taken stock of the durability aspect, cost, and long-term sustainability to make this effort a complete success.
Rs5,000 Note: Some Concerns
Committee member Mohsin Aziz expressed his concern that the Rs5,000 note facilitates corruption and asked him to abolish it. Ahmad, on his turn, replied that there is no plan at present to abolish the Rs5,000 denomination. Though, the earlier discussions hinted at the phasing out of the Rs5,000 denomination, the new currency series will have the Rs5,000 chip also.
Role of Law Enforcement
The Governor Ahmad, on the other hand, revealed that even though the new polymer notes would incorporate advanced security features, the responsibility for dealing with the misuse of the currency would be on law enforcement agencies. He pointed out that dealing with counterfeiting remained the primary responsibility of law enforcement, despite very enhanced notes having been put in place.
This is one of the largest upgradations to be brought into the currency system of Pakistan by SBP, so as to improve the currency’s security and face of the national currency. More details are to be presented in the following days as the rollout continues.
