Pakistan is preparing for demonetization, will print plastic notes instead of paper

New Delhi. The people of Pakistan, who are drowning in poverty, are finding it difficult to get flour and rice. The economy is in shambles. To improve the country’s economic condition, the State Bank of Pakistan has now come up with a new scheme. The central bank of Pakistan will now print plastic notes instead of paper in the country. These notes will be made from polymer plastic. Currently, about 40 countries are using polymer plastic bank notes. These are difficult to counterfeit and have more advanced security features like holograms and transparent windows.

Pakistan’s central bank will introduce a new polymer plastic currency banknote later this year. The central bank will also redesign all existing banknotes for better security and hologram features. State Bank of Pakistan Governor Jamil Ahmed told the Senate Committee on Banking and Finance in Islamabad that all existing paper currency notes are being redesigned with new security features by December this year.

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Plastic notes will be issued in December
Ahmed said that banknotes with new designs in denominations of Rs 10, 50, 100, 500, 1000 and 5000 will be issued in December. A source said, “The old notes will remain in circulation for five years and the central bank will remove them from the market.”

The State Bank governor told the Senate committee that the new polymer plastic banknote will be issued to the public in one denomination and if it is well received, plastic currency will be issued in other denominations as well. Currently, about 40 countries use polymer plastic banknotes, which are difficult to counterfeit and have more advanced security features such as holograms and transparent windows.

Australia introduced polymer bank notes
Australia was the first country to introduce polymer bank notes in 1998. Ahmed also confirmed that the central bank has no plans to discontinue the Rs 5,000 note. However, one of the members, Mohsin Aziz, insisted that this would make it easier for corrupt people to carry on their business.

Tags: Business news, Note ban, pakistan news, Pakistani currency