Plastic Banknotes
State Bank of Pakistan will introduce a new polymer plastic banknote in the third quarter of FY18 and simultaneous to this initiative will introduce revised designs of all existing paper currencies to improve security and infuse with hologram features. The updated designs for denominations of Rs 10, 50, 100, 500, 1000, and 5000 were likely to be completed by December, according to the Governor, the State Bank of Pakistan, Jameel Ahmed. The old notes would stay in circulation for the next five years before gradually withdrawing them.
The Governor also hinted that if the public takes a liking to the polymer note, then eventually more denominations may be introduced in plastic. About 40 countries, including Australia, which was the first to adopt polymer notes in 1998, use this material because its security features and counterfeiting resistance are much better.
The new plastic notes being introduced are expected to last longer and remain intact as opposed to the paper notes that wear and tear. Furthermore, it is also bound to facilitate people to have more money in the banks instead of keeping it as cash and can help elevate the economy of Pakistan. Moreover, there had been suggestions by some Senators to do away with the Rs 5,000 note, but its discontinuation is not being made. To Read More: Click here
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