KARACHI: State Bank of Pakistan (SBP) Governor Jameel Ahmad dismissed reports of plans to phase out the Rs5,000 currency note, saying no such proposal is under consideration.
Briefing a parliamentary committee, Ahmad said the SBP has finalized new designs for all currency denominations and forwarded them to the federal cabinet for approval. The proposed notes will include enhanced security features and modern technology.
He added that the central bank is also considering introducing polymer, or plastic, currency notes on a trial basis as part of efforts to modernise Pakistan’s currency system.
Federal Board of Revenue Chairman Rashid Mahmood Langrial warned that tampering with the Rs5,000 note could create economic volatility. Committee Chairman Saleem Mandviwalla said the matter was settled after the SBP governor’s clarification.
The meeting also discussed bank charges for SMS alerts on ATM transactions. Ahmad explained that mandatory alerts are free, while fees apply only to optional services, with charges paid directly to telecom companies.
He revealed that SMS costs charged by telecom firms have risen from Rs0.04 to more than Rs4 over the past two years, prompting the committee to consider summoning telecom operators for further inquiry.
Members also raised concerns about excessive paperwork for opening bank accounts and the use of non-dollar currencies in trade with countries such as China, Russia, and the UAE. Ahmad confirmed that trade with China is already conducted in Chinese currency but deferred questions on currency rollovers with the UAE to the Foreign Office.
