ISLAMABAD, Pakistan: The State Bank of Pakistan (SBP) has decided to change all the currency notes from Rs 10 to Rs 5,000 by the end of 2024.
While giving a briefing in the Senate Standing Committee on Finance, the Governor State Bank Jameel Ahmad said that by December 2024, newly-designed currency notes will be launched.
Jameel Ahmad said that instead of paper currency, polymer banknote (plastic note) will also be issued.
The Committee was that in a bid to issue new currency notes, an approval will be taken soon from the Federal Cabinet.
The Committee member Mohsin Aziz suggested banning of Rs 5,000 note to prevent smuggling; however, the Governor State Bank said that Rs 5,000 currency notes will not be banned as well as there is no such proposal under consideration.
The Governor State Bank Jameel Ahmad further told that polymer banknote will be used permanently if its lifespan is found to be longer than the paper currency.
Jameel Ahmed also said that all new features will be introduced in the new currency notes, adding that polymer plastic will be used for plastic currency.
