Pakistan is ready to issue new notes with advanced features and new design to avoid the problem of fake notes. It will be gradually replaced with old notes.
Pakistan, which is facing cash problem, will issue new notes ranging from Rs 20 to Rs 5000. The Pakistani government has taken this decision to deal with the problem of fake notes of Pakistan. State Bank of Pakistan Governor Jamil Ahmed says that keeping in mind the security, new notes will be issued with advanced security features. He further said that the design has also been updated to modernize the currency system.
He says that the aim of this step is to create confidence in Pakistan’s monetary system (Pakistan New Series Of Currency Notes), businesses and citizens. The Governor said that new notes will be gradually introduced in place of old notes. According to PTI, SBP has been issuing bank notes since 2005, starting with Rs 20 denomination and followed by Rs 50, Rs 100, Rs 500, Rs 1000 and Rs 5000. Now these notes will be issued with new features.
Various types of security in notes
The report said that it shows the commitment of the Central Bank (SBP) to keep pace with the global economy and ensure the financial integrity of the Pakistani rupee. Many types of security features (Pakistan New Notes Features) have been taken care of in these bank notes, so that they cannot be replaced by fake notes in the market. For example, a thread is given in the Rs 5000 note, which becomes visible as yellow and blue fluorescent bands under ultraviolet light.
Advanced features in new notes
The new Rs 1000 note will have a fine window security strip, in which the denomination of Rs 1000 will be visible. With this, anyone will be able to easily identify fake notes and fake notes will not be able to enter the market. Apart from this, intaglio process has been used in these notes, due to which the exact note cannot be extracted through scanning or photocopying. Anti-scan and anti-copy line patterns have been used in it.
Clean notes will be issued, dirty notes will be taken back
State Bank of Pakistan has also issued a Clean Banknote Policy, which states that only clean banknotes will be issued to the public and account holders. Dirty notes will be withdrawn from circulation for destruction. The Central Bank of Pakistan said that the changeover of new notes is expected to happen smoothly. Said that this is an important step to stop fake notes.
Will there also be demonetization?
Experts are of the opinion that Pakistani economy is affected by illegal use of black money which is easy due to wide circulation of high denomination notes. Sohail Farooq of Capital Investment said that this is the right step to ensure the integrity of Pakistan’s currency system, but whether it will also include demonetization in Pakistan, it remains to be seen. He said that if new notes are included in it, the credibility in circulation will increase.
