Governor State Bank says that the work on digital and plastic currency is ongoing, and the old notes will be phased out in the next five years.
While the Standing Committee of the Senate proposed to abolish the Rs 5 thousand note in the treasury
A meeting of the Senate Standing Committee on Finance was held under the chairmanship of Senator Salim Mandviwala, in which Governor State Bank Jameel Ahmed briefed the committee.
Governor State Bank said that the Central Bank is working on digital currency, they are working on plastic currency as well and introducing new notes.
I will bring the new design note to the cabinet when it is done and will complete the work on it by the end of the year.
Governor Jameel Ahmed said that the old notes will be phased out respectively in five years after introducing new design notes.
He said that the security features are also being looked at according to Pakistan, first, a single value note will be brought as plastic currency, if the experiment is successful, then they will expand it further.
Committee member Mohsin Aziz says that the five thousand rupee note is causing corruption and other problems.
If you close the note of five thousand rupees, then I can assure you that this note will be sold for 3 thousand in the market.
Governor State Bank Jameel Ahmed told the committee that no proposal to abolish Rs 5,000 notes is under consideration.
There have been proposals in this regard before but this proposal was not accepted, that’s why we are now bringing the new design notes.
It also includes five thousand rupees note, it is the job of law enforcement agencies to stop its misuse.
