By Our Correspondent
ISLAMABAD: State Bank of Pakistan (SBP) Governor Jameel Ahmad on Tuesday rejected speculation that the Rs5,000 currency note will be phased out, saying no such proposal is under consideration.
Read also: Cabinet approves new currency notes, forms design committee
Briefing a parliamentary committee, Ahmad said the SBP has completed new designs for all currency denominations and submitted them to the federal cabinet for final approval. The redesigned notes will feature advanced security elements and modern technology.
He said the central bank is also weighing the introduction of polymer, or plastic, banknotes on a pilot basis to improve durability and enhance security.
Federal Board of Revenue Chairman Rashid Mahmood Langrial cautioned that altering the status of the Rs5,000 note could trigger economic uncertainty. Committee Chairman Saleem Mandviwalla said the issue was settled following the SBP governor’s clarification.
Lawmakers also discussed charges on SMS alerts for ATM transactions. Ahmad explained that mandatory alerts are free of cost, while optional services carry fees that are paid directly to telecom companies.
He disclosed that SMS charges by telecom operators have climbed from Rs0.04 to over Rs4 in the past two years, prompting the committee to consider summoning telecom firms for further scrutiny.
Members further raised concerns about excessive documentation for opening bank accounts and the use of non-dollar currencies in trade with countries such as China, Russia, and the UAE. Ahmad confirmed trade with China already takes place in Chinese currency but referred questions on currency rollovers with the UAE to the Foreign Office.
