5000 rupee notes to be issued in December, big announcement by central bank

Desk: India’s neighbouring country Pakistan is making every possible effort to strengthen its economy. For this, it is not shying away from taking loans from the World Bank to taking every small step at the domestic level. Now the Central Bank of Pakistan has made a big announcement. It will experiment and bring a new polymer plastic currency bank note later this year. The central bank will also redesign all existing bank notes for better security and hologram features.

State Bank of Pakistan Governor Jamil Ahmed told the Senate Committee on Banking and Finance in Islamabad that all existing paper currency notes are being redesigned with new security features by December this year. Ahmed said that newly designed bank notes in denominations of Rs 10, 50, 100, 500, 1000 and 5000 will be issued in December.

According to media reports, the old notes will remain in circulation for five years and the central bank will remove them from the market. The State Bank governor told the Senate committee that a new polymer plastic bank note will be issued in one denomination for the public, and if it gets a good response, plastic currency will be issued in other denominations as well.

Currently, about 40 countries use polymer plastic bank notes, which are difficult to counterfeit and have more advanced security features such as holograms and transparent windows. Australia was the first country to introduce polymer bank notes in 1998. Ahmed also confirmed that the central bank has no plans to discontinue the Rs 5,000 note. However, a member Mohsin Aziz insisted that this would make it easier for corrupt people to do their business.