State Bank of Pakistan approves designs of new currency notes

The Governor of the State Bank of Pakistan, Jameel Ahmad, has confirmed the fact that the design of new currency notes has been finalized. He revealed that the design of new currency notes was approved by the State Bank Board and the same has been forwarded to the Finance Ministry.

He made this announcement during a meeting arranged for the Senate Standing Committee on Finance. According to the governor, new currency notes will be issued after getting approval from the federal government.

He also clarified a key concern. There is no proposal under consideration for stopping the Rs. 5,000 note, he told the committee.

At the same meeting, Abdul Qadir, a senator, expressed strong concerns regarding the issue of super tax. He asked, “How can we pay the super tax for three to four years all at once?” He said that this would “compel people to go abroad.”

He further criticized the Federal Board of Revenue. He stated that the current process adopted by the FBR amounts to harassment. He further added that it should be collected in installments, i.e., within two or three years, rather than expecting it to be paid immediately.