A major development has emerged regarding the issuance of new currency notes in Pakistan. Security Papers Limited has announced that in order to meet international standards, the machinery used for printing currency notes needs to be upgraded. The current machinery, installed in 2004, is outdated and needs to be replaced with modern technology.
According to the company, the upgrade plan for the machinery will take about 18 months to complete. During this process, international standards will be strictly followed to ensure the new currency notes are equipped with the latest security features.
The State Bank of Pakistan recently announced that a new series of currency notes will be issued, featuring advanced security features. The goal of this upgrade is not only to improve the utility of the currency but also to provide the public with more secure and higher-quality notes.
Deputy Governor of the State Bank, Saleem Ullah, mentioned that the process will take time, and it will take almost two years to print the first batch of new notes. He explained that the last time new currency notes were introduced in 2005, the process took three years to complete.
Public participation has been encouraged in the design of the new currency notes, with a competition offering prizes for the best suggestions. The prizes include 1 million rupees for the first place, 500,000 rupees for second place, and 300,000 rupees for third place.
With over 17,000 bank branches across Pakistan, the public will be able to easily exchange their old currency notes. The process will be carried out gradually, and the new notes will be transferred into people’s accounts.
This move aims to not only enhance the security and quality of the currency but also play a crucial role in boosting public confidence in the country’s financial system. This positive change promises to strengthen the economy and improve the nation’s monetary policies.
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