At present, banknotes of Rs10, Rs20, Rs50, Rs100, Rs500, Rs1,000 and Rs5,000 are in circulation. PHOTO: FILE
KARACHI: 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.
Published in The Express Tribune, May 4th, 2013.
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COMMENTS (7)
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pretty sad not long before we get to see a million denomination note!!!
Heights of corruption by politicians cause severe economic condition,,, secondly what lead SBP to issue further bigger value of currency note to destroy further country's economy an image
SBP is devaluing our money by issuing Rs.5000 & above notes. This is total loss for Pakistan & for Pakistanis.
ahh!!! the problem is not how they are conducting the survey, the problem is whats the need to issue new domination's notes. SBP should stop issuing notes now as we already have too much money in circulation and that needless. This new thing will only put country in more problems rather taking it out of crisis. Wake up SBP, its time to take satnd against the foolish policies of Governmet not to obey everything it impose on you. Now, is the time to show that you are an atonomous body and independent in decision making. only change in the commodoties basket to show lower inflation wouldn't work for long dude, you need to take other steps. Go lower the money in circulation as first real step towards better polict making.
@Punjabi: Sorry, this is not meant to offend you.
The SBP is the primary issuer and repository of any country's money (cash) and responsible for its exchange rate and supply and credit. (Three basic functions). Salams
Does SBP has nothing important to do?
"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"
That's 3000 people for the survey.
The morons at SBP should realise we've reached the 21st century and the Internet has been invented and is also being used in Pakistan by over 30 million people. That's a WHOLE lot more zeros than 3000. It's time SBP should get with the times.