Cabinet sets 12-month deadline to replace currency notes

Information Minister Fawad Chaudhry revealed that the federal Cabinet has only granted a 12-month extension for the replacement of currency notes of Rs10, Rs50, Rs100 and Rs1000.

It is pertinent to mention here that the State Bank of Pakistan (SBP) had sought a six-year extension for the replacement. "Those who want to get currency notes changed should get it done in a year," he added.

Chaudhry was addressing a post-Cabinet meeting press conference in the federal capital on Tuesday.

Speaking further on the occasion, the minister warned of an impending gas crisis in the country, saying the resource was depleting by 9 per cent every year for the last two years. "Pakistan will run out of gas in the years to come," he added.

"Gas is available in big cities at subsidised rates to only 23pc people while its burden is borne by the other 78pc population who rely on LPG, coal and other means in lesser developed areas," the minister said, urging city dwellers to change their habits.