The State Bank of Pakistan (SBP) is facing delays in finalizing Pakistan’s redesigned currency notes, with the process having continued for nearly two years.

SBP officials told the Senate Standing Committee on Finance that the proposed designs remain under government review, with additional changes still being incorporated.

The new banknotes are being developed with stronger security features aimed at reducing counterfeiting and improving the security of Pakistan’s currency.

Key Takeaways

• Authority: State Bank of Pakistan
• Project: Redesigned currency notes
• Status: Still under government review
• Development period: Nearly two years
• Main objective: Stronger anti-counterfeiting features
• Next step: Finalize designs and obtain approval
• Expected rollout: About one year after final designs are approved
• Possible change: Rs. 10 banknote may be discontinued

New Banknote Designs Still Under Review

The SBP has been working on a new series of currency notes, but the designs have not yet reached the final stage.

Officials told the Senate committee that the government is reviewing the proposed designs and that further modifications are being made.

The notes will require the necessary approvals before they can move toward production and eventual circulation.

Stronger Security Features Planned

A major objective of the redesign is to make Pakistani banknotes more resistant to counterfeiting.

The new currency series is expected to incorporate enhanced security features, particularly across higher-denomination notes.

Modern security elements can make it more difficult to reproduce banknotes illegally while also helping the public and financial institutions verify their authenticity.

New Currency Series Could Take Another Year

The introduction of the redesigned notes will not happen immediately after the designs are finalized.

The SBP has previously indicated that launching the new currency series could take approximately one year after the designs are finalized.

This timeline would cover the necessary stages involved in preparing and introducing the notes into circulation.

Rs. 10 Note May Be Discontinued

The Senate committee also discussed the possibility of discontinuing the Rs. 10 banknote.

The proposal is linked to its relatively high production cost compared with its denomination.

Any decision to remove the note would form part of broader discussions surrounding the future design and composition of Pakistan’s currency series.

What Happens Next?

The redesigned notes must first complete the government review and approval process.

Once the designs are finalized and approved, the SBP can move toward production and the eventual introduction of the new currency series.

Until then, existing Pakistani banknotes will remain in circulation.

Why This Matters

• SBP’s currency redesign project has been ongoing for nearly two years.
• Proposed designs are still undergoing government review.
• Additional changes are being incorporated before final approval.
• The new notes are expected to feature stronger anti-counterfeiting measures.
• The new series could take about one year to introduce after designs are finalized.
• The Senate committee has also discussed potentially discontinuing the Rs. 10 note because of production costs.

Frequently Asked Questions

Why is SBP redesigning Pakistan’s currency notes?

The redesigned notes are intended to incorporate stronger security features, particularly to help combat counterfeiting.

When will the new currency notes be introduced?

The designs have not yet been finalized. SBP has previously indicated that introducing the new series could take around one year after the designs are finalized.

Why are the new notes delayed?

The proposed designs are still undergoing government review, and SBP officials said further changes are being incorporated.

Will all Pakistani currency notes be replaced?

The information currently indicates that a new currency series is being developed. The exact rollout and replacement process will depend on the finalized designs and subsequent approvals.

Could the Rs. 10 note be discontinued?

The possibility was discussed by the Senate Standing Committee on Finance due to the denomination’s relatively high production cost. No final discontinuation decision is indicated here.

What will be different about the redesigned notes?

The redesigned currency is expected to feature enhanced security measures designed to make counterfeiting more difficult.