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Article#0003        Date: 27 May 2006             Country: Pakistan

State Bank to issue Rs. 5000/- and New Rs. 10/- Banknotes

KARACHI: Governor State Bank of Pakistan, Shamshad Akhtar addresses the newsmen during a press conference on the occasion of launching of new currency notes of 5000 Rupees and 10 Rupees.

Note pictured here is the new 5000 Rupee note.

Photo (c) PakTribune

Saturday May 27, 2006 (0001 PST)
KARACHI: The Governor, State Bank of Pakistan, Dr. Shamshad Akhtar has announced the launching of Rs.5000/- and new Rs.10/- banknotes from tomorrow. She said that all the field offices of SBP Banking Services Corporation throughout the country would issue these notes with effect from Saturday (today).

Addressing a press conference at the State Bank of Pakistan on Friday, the Governor said that it is for the first time in the history of the country that the banknote of Rs.5000/- denomination is being introduced. She said the main benefit of introducing Rs.5000/- banknote was to provide convenience and facilitate higher value transactions. Issuance of larger denominated note also economizes the expenditure on printing of notes as higher denomination notes would reduce the consumption of lower denomination notes.

Dr. Akhtar said the Government of Pakistan and the State Bank had decided to issue new designed banknotes with high-tech security features to minimize the possibility of counterfeiting of these notes.

She said that Rs.5000/- banknote contains several security features of international standards and now our notes are comparable with Euro and have more security features than US dollars. íThe note also contains a special security feature to facilitate the visually impaired persons to easily recognize ití, Dr. Akhtar added.

The Governor said that the new designed Rs. 10/- banknote also contained a host of security features as compared to the existing Rs. 10/- note.

She said the new notes also depict the architectural heritage of the country. Famous monumental structures of Pakistan - the Khyber Pass, Peshawar, Mohen-jo-Daro, Larkana and Faisal Mosque, Islamabad - have been printed as the vignette at the reverse of Rs.10, Rs.20 and Rs.5000 banknotes respectively, the Governor added.

With a view to facilitate the handling of new notes, their size has been kept smaller than the existing notes. The width of the new banknotes is 65 mm as against 73mm of the existing banknotes while the length of new banknotes has also been kept smaller than the existing ones, Dr. Akhtar added.

Dr. Akhtar said that the designs of all the existing banknotes would be changed. She said that the new designed Rs.20/- banknote was being issued from 13th August, 2005 while Rs.5000/- and Rs.10/- new banknotes would be introduced from 27th May. New designed banknotes of Rs.50/-, Rs.100/-, Rs.500/- and Rs.1,000/- would be launched during the next fiscal year.

The Governor informed the newsmen that the old designed banknotes would continue to remain in circulation as a legal tender along with the new designed notes.

Original Article: http://paktribune.com/news/index.php?id=144935

Click here to view Pakistan's Banknotes

Update to this story- 8 June 2006
by Will M.
As of today there has still been no update to the State Bank of Pakistan's website with regards, to the new notes. The banknotes section of their website is quite poor and offers only a photo of the new 20 Rupee note issued last year.

Page created:     7 June 2006
Last Update:      8 June 2006

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