The State Bank of Pakistan (SBP) has officially announced its intention to issue new currency notes equipped with advanced international security features. Addressing concerns, the central bank’s governor assured the public that the transition would be smooth and devoid of disruptions, as reported by Geo News.
The upcoming banknotes will showcase novel serial numbers, designs, and heightened security measures aimed at combating the circulation of counterfeit currency. The governor disclosed that the design framework is currently underway, with expectations of finalization by March.
Significantly, the governor clarified that Pakistan’s approach to this currency update differs from India’s 2016 demonetization, which led to substantial social unrest and a temporary dip in GDP. Unlike India, Pakistan plans to implement the currency update without causing disruptions to daily transactions.
Insiders familiar with the matter revealed that the move is in response to increasing complaints about the prevalence of counterfeit currency. Khurram Schehzad, CEO of Alpha Beta Core financial advisory firm, sees the introduction of new security features as a positive development, cautioning against premature assessments.
Schehzad dispelled the notion that the introduction of new notes alone could effectively address the issue of black money. He stressed the need for additional measures to control or reduce the circulation of higher denomination currency notes. Assessing the cash hoarded by the public is crucial, as individuals often convert cash into assets like property, cars, gold, or foreign currencies during periods of heightened inflation.
Regarding the potential discontinuation of higher denomination currency notes, such as the Rs5,000 note, Schehzad noted that past demonetization efforts in India and other countries have not always been successful. He emphasized the need for the SBP to carefully consider whether to discontinue higher denomination notes or simply introduce new ones.
Addressing concerns about the impact on the economy, Schehzad highlighted the importance of the SBP managing the printing of currency notes to curb the driving factor behind rising inflation. The central bank’s strategy for maintaining economic stability will be closely scrutinized as the currency update progresses.
Thanks SBP for advising us well in advance of the new currency notes to be introduced in Pakistan.
This way the SBP has facilitated (without the help of SIFC) the holders of black money to make appropriate arrangements to make gainful settlement their unlawful currency holdings. Thanks once again.
Spot on Pervez. Also, India’s strategy was much effective where they forced everyone to deposit all their cash into bank accounts before withdrawing new currency notes which is essential to document economy and eliminate the Black economy. Moreover, controls need to be in place for any future cash transactions as well. Simply changing the notes does not do anything and it will be just another eye wash similar to the kind of elections we are having.
Currency Redesign:Periodically redesign currency to incorporate new security measures, making it more challenging for counterfeiters to reproduce.
Cashless Transactions:Encourage the use of digital payment methods to reduce reliance on physical currency, minimizing opportunities for counterfeiters.
Track and Trace Technology:Implement technologies like RFID or other tracking systems to trace the movement of banknotes and identify anomalies in circulation.
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Late but good move by SBP.
Must Needed Steps to take:
1) SBP must introduce 2000 rupee note and bann 5000 rupee note.
2) SBP must introduce 200 rupee note like many countries to reduce exchange burden on 500/1000 rupee notes.
3) Paper Notes must be shifted to Polymer Notes now as it can be recycled in future reducing the cost and increase the life of notes.
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Unfortunately, now the countries are involved in stagnation and devaluation of their national currency
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