Pakistan’s central bank is planning to experiment with a new polymer plastic currency banknote later this year. It will also be redesigning the existing banknotes for enhanced security and hologram features.
The Governor of State Bank of Pakistan, Jameel Ahmed, told a Senate committee that all existing paper currency notes will be redesigned with new security features by December. Ahmed added that the newly redesigned banknotes in denominations of Rs 10, 50, 100, 500, 1000, and 5000 will be issued in December.
A source close to the committee said that the old notes will be eased out of the market after five years. Till then they are to remain in circulation.
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New polymer plastic bank notes
Ahmed also told the committee that the bank will be experimenting with a new polymer plastic bank note. This note would be issued in one denomination for the public and if that is well received by them then plastic currency would follow in other denominations.
Currently, approximately 40 countries use polymer plastic banknotes, which are difficult to counterfeit and feature advanced security elements such as holograms and see-through windows. Australia pioneered the introduction of polymer banknotes in 1998.
Ahmed also confirmed that the central bank has no intention of discontinuing the PKR 5,000 note, despite concerns raised by member Mohsin Aziz about its potential to facilitate corruption.
(With agency inputs)
