Islamabad: The State Bank of Pakistan (SBP) is considering phasing out the Rs 10 banknote due to rising printing costs, while a new design for the Rs 5000 note is being prepared to curb counterfeiting.
The disclosure came from Deputy Governor Dr Inayat Hussain, who briefed the Senate Standing Committee on Finance and Revenue. He said the redesigned Rs 5000 note would help reduce the circulation of counterfeit currency becaus enew technology had made coutnerfeiting easier.
The committee meeting was chaired by Senator Saleem Mandviwalla and also discussed currency security, , protection of foreign investments and complaints about fraudulent practices by companies. The senator noted that this was not a new issue and that he had not only submitted Rs 5000 notes to the SBP for verification nearly two years ago but that a tender had already been floated under procurement rules for designing the new note.
“Four bidders participated in the process and the contract was awarded to a consultant firm, which is currently incorporating the required changes,” he said, adding that the design would subsequently require federal government approval.
Senator Mandviwalla directed the SBP to provide complete details of the bidding process for the redesigned Rs 5000 note, expressing concern over the circulation of counterfeit currency.
