Is Pakistan changing currency notes ?
Is Pakistan changing currency notes ? The State Bank of Pakistan (SBP) has started the cycle of planning and giving another banknote series for every current category. It is common practice for central banks to introduce new series of banknotes every fifteen to twenty years to maintain the integrity of the notes and keep them in line with the most recent technological advancements in the design and security features of the notes.
As a feature of the underlying system of planning the new banknote series, the SBP is coordinating a craftsmanship rivalry to have creative and topical ideas for the new banknote series.
The local artists, designers, and art students can send their designs to SBP by 11th March 2024. The top three designs for each of the existing seven denominations will be recognized and awarded cash prizes. The complete information about the Art Competition can be accessed at https://www.sbp.org.pk/ArtCompetition/ArtCompetition.pdf .
The plan thoughts and subjects settled after the Workmanship Contest will be imparted to the rumored proficient banknote creators to be chosen through a serious interaction for fostering the last printable plans for every section. The last plans will be submitted to the Central Government for endorsement.
Read more:
https://accountsgala.com/fbr-is-planning-a-retail-specific-tax-scheme/
The issuance of a new series of banknotes involves numerous steps and stages, necessitating careful planning and coordination among numerous stakeholders. For the most part, it takes 2 to 3 years to send off another banknote series; nonetheless, the SBP expects to finish the cycle within the following 2 years.
The current banknote series will stay available for use even after the issuance of new series. Any choice on withdrawal of the current series from the course will be taken in a progressive and staged manner when the new banknotes are given and are available for use in adequate amounts.
