ISLAMABAD – State Bank of Pakistan (SBP) Governor Jameel Ahmed revealed plans for issuance of newly designed currency notes featuring modern security technology. The central bank board finalized designs for all denominations and sent them to the federal government for final approval.
Governor Ahmed stressed that Rs5,000 note is not being discontinued, putting to rest speculation about the high-denomination note. He also confirmed that plastic currency notes may be introduced on an experimental basis, marking a significant step in modernizing Pakistan’s currency system.
Governor explained that the new designs will incorporate advanced technology, aiming to strengthen the security and durability of all banknotes.
The briefing also tackled ATM and SMS charges. Committee members raised concerns that banks are charging customers for SMS alerts related to account transactions. Governor Ahmed clarified that mandatory alerts are free, while fees are applied only for additional service messages. He revealed that telecom companies’ SMS charges have skyrocketed from Rs. 0.04 to over Rs. 4 in the last two years, and these charges are directly paid to telecom operators, with the SBP receiving none of these funds. Committee Chairman Saleem Mandviwala said telecom companies will now be summoned for investigation to clarify the exact charges levied on consumers.
FBR Chairman Rashid Mahmood Langrial warned that tampering with Rs5,000 note could destabilize economy, but the committee agreed the matter was closed following the Governor’s assurances. Langrial also stressed that technology advancements should not harm consumers.
Other issues discussed included the requirement for multiple signatures when opening bank accounts, and trade in currencies other than the US dollar with countries like China and Russia. The SBP Governor confirmed that trade in Chinese currency is already taking place, while questions about currency rollover with the UAE were deferred to the Foreign Office.
