Discontinuation of 5000 Currency Note and Issuance of New Ones
Posted by UMAR FAROOQ
State Bank of Pakistan has rejected the rumors that new currency notes are being designed by the authority. There are a lot of pictures on internet that shows completely redesigned notes of value 50, 100, 500 and 1000. Even a picture of Rs. 10,000 currency note is being circulated all over the internet.
The rumors spread out after central bank announcement that older bigger currency notes of value 10, 50, 100 and 1000 will be phased out. Currency notes of value 5 and 500 are already discontinued while currency notes with a value of Rs. 10, 50, 100 and 1000 will expire legally from 1st of December 2016.
The new currency notes have improved security, durability and aesthetic qualities. Some of the rumored redesigned currency notes are given below.
Moreover it is clarified by the SBP that not only issuance of Rs. 10,000 currency note is a false propaganda but SBP is considering discontinuation of Rs. 5000 notes. According to Deputy Governor SBP, Saeed Ahmad said that certain quarters approached SBP with a request to discontinue Rs. 5000 notes. He was of the view that coins are globally preferred due to the fact that they have lesser chances of forgery and their durability.
Sheikh Rasheed Ahmed, a PAC member was of the opinion that trend of fake 5000 currency note is taking a serious turn and in addition illegal transactions of cash uses these notes. Minting a coin of any value costs up to Rs. 3 and they can last up to 40 years. On the other hand a Rs. 100 currency note printing costs up to Rs. 3.6 and it lasts up to only two years at maximum.
The post Discontinuation of 5000 Currency Note and Issuance of New Ones first appeared on Web.pk.
