Pakistan is moving forward with plans to redesign its currency notes ranging from Rs10 to Rs5,000, as the federal cabinet reviews proposals submitted by the State Bank of Pakistan. The initiative, confirmed by SBP Governor Jameel Ahmad during a parliamentary treasury committee session, aims to introduce enhanced security features to prevent counterfeiting while modernizing the nation’s banknotes.
According to the central bank, the redesign process has been completed, with all recommendations formally submitted to the relevant ministry after approval from the State Bank Board. Governor Ahmad emphasized that the final decision regarding the issuance of new notes rests with the federal cabinet and has not yet been taken. He further indicated that the SBP could present the designs in a closed-door session to the Senate Standing Committee on Finance at its next meeting, providing lawmakers with a detailed overview of the security features and design improvements.
The new notes are expected to retain all existing denominations, including the Rs5,000 note, contrary to circulating rumors suggesting withdrawal or phasing out of high-denomination currency. Governor Ahmad clarified that such reports were misleading and had no factual basis. He highlighted that the Rs5,000 note continues to play a vital role in Pakistan’s currency system, which currently totals approximately Rs11 trillion in circulation. Existing banknotes will remain legal tender even after the introduction of the redesigned currency.
During the parliamentary session, committee members inquired about the development process and technological upgrades embedded in the new designs. The SBP stressed that the redesigned notes would feature advanced anti-counterfeit elements, aligning with international standards and enhancing the integrity of Pakistan’s cash system. This initiative is part of the central bank’s broader effort to strengthen public confidence in currency, safeguard financial transactions, and deter illicit activities such as forgery.
In addition to currency updates, Governor Ahmad addressed concerns regarding rising SMS banking alert charges. He noted that banks have increased fees in response to higher telecom costs. However, the central bank warned that any financial institution charging customers without prior notice or clear consent would face regulatory action, reinforcing SBP’s commitment to consumer protection and transparency within the banking sector.
The briefing reflects the Senate Standing Committee on Finance’s ongoing oversight of monetary and banking sector matters, emphasizing the need for coordinated policy measures that balance innovation, security, and accessibility. The central bank’s plans for redesigned currency notes are expected to enhance Pakistan’s cash infrastructure while maintaining continuity and public trust in the monetary system.
With the proposed currency redesign and stricter oversight of banking charges, Pakistan is taking deliberate steps to modernize its financial framework, ensure secure cash transactions, and support a robust, transparent banking environment for both consumers and businesses.
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