SBP seeks public opinion on new banknotes

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SBP Diary - SBP News

The State Bank of Pakistan (SBP) has launched a public survey to seek people’s opinion about introducing new banknotes of Rs200, Rs2,000, Rs10,000 or any other value.

In this connection, selected banks operating in the country will record people’s views about notes of new denominations, design and security features of already circulating currency notes and scrapping of any old currency notes.

At present, banknotes of Rs10, Rs20, Rs50, Rs100, Rs500, Rs1,000 and Rs5,000 are in circulation.

In a circular issued to banks and development finance institutions (DFIs), the State Bank said it had selected 300 branches of five big banks – Allied Bank, Habib Bank, National Bank, United Bank and MCB Bank – that will seek views of 10 customers each on a survey form issued by the central bank.

The aim of the central bank’s campaign is to find out whether people need a change in the design, size, paper quality and security features of currency notes in circulation to curb the spread of fake currency in the country.

In the survey form, people will also comment on whether they have come across any fake notes and how many times and which department they have approached to inform them of forged notes and register their complaints.

The State Bank has asked the banks to collect the survey forms from their branches by May 8 and send them to the central bank in the next two days.

Market people point out that despite the introduction of latest security features, counterfeit currency notes are increasingly being found in the market and it has become difficult for ordinary citizens to distinguish between fake and genuine notes.

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