KARACHI – State Bank of Pakistan Governor Jameel Ahmad, while briefing a parliamentary committee, said that the proposal to issue newly designed currency notes has been sent to the federal cabinet. He said the new notes will include modern security features. The SBP board has finalized the designs of all new currency notes and forwarded them to the federal government for approval.
According to the governor, final approval for the issuance of the new currency notes now rests with the federal government.
He added that the designs of all denominations are being changed and modern technology will be introduced in the design and issuance process. He also said that the introduction of plastic (polymer) currency notes is being considered on an experimental basis.
The SBP governor clarified that there is no proposal under consideration to discontinue the Rs5,000 currency note.
On this occasion, FBR Chairman Rashid Mahmood Langrial said that tampering with the Rs5,000 note could create economic instability. Committee Chairman Saleem Mandviwalla responded that since the SBP governor has clearly stated that the Rs5,000 note is not being abolished, the matter stands settled.
During the meeting, the issue of SMS charges imposed by banks on cash withdrawals and deposits through ATMs was also discussed.
The committee chairman said consumers are being charged for SMS alerts, to which the SBP governor explained that no charges are applied to mandatory SMS notifications, while charges are levied only for additional service-related messages.
He clarified that these charges are paid directly to telecom companies and the State Bank does not receive any amount from them.
The governor revealed that over the past two years, SMS charges by telecom companies have increased from Rs0.04 to more than Rs4. Committee Chairman Saleem Mandviwalla said telecom companies would now be summoned for further investigation to determine who is charging how much.
FBR Chairman Rashid Mahmood Langrial said technological advancement should not come at the cost of consumers.
During the meeting, a member also raised the issue of excessive forms and signatures required while opening bank accounts.
Additionally, a committee member asked about conducting trade with China, Russia, and other countries in currencies other than the US dollar. In response, the SBP governor said trade with China in Chinese currency is already underway, while he refrained from commenting on currency rollover arrangements with the UAE, calling it a matter for the Foreign Office.
