The introduction of plastic notes will get rid of fake notes. Conversation with the Senior Vice President of Federal Industry and Trade
The State Bank of Pakistan has been requested to make new currency notes in plastic. According to social media reports, the industrialists welcomed the decision of the State Bank to introduce new currency notes and demanded that the new notes be made of plastic and said that plastic notes are already in use in most countries of the world. The move will get rid of fake notes because they cannot be duplicated; in this regard, the senior vice president of the Federal Chamber of Commerce and Industry of Pakistan, Saqib Fayaz Magu, said that with the introduction of new notes, the public will be cheated and cheated due to fake notes. Will be able to avoid damage.
In this regard, Dr. Akbar Zaidi, an economic expert, says that the five thousand notes should not expire; plastic currency is being used around the world instead of paper so that fake notes cannot be produced.
Meanwhile, the State Bank of Pakistan has announced a competition for the new design of banknotes, in which participating artists, designers, and art students can send their designs till March 11, 2024, in a statement State Bank of Pakistan (SB P) has said that the process of issuing newly designed currency notes has been initiated, an art competition is being held for innovative and thematic design ideas for the new series of banknotes.
It has been stated that local artists, designers, and art students are eligible to participate in the competition. Members can make designs on themes including socio-cultural identity, demographic diversity, climate change, and environmental defence. Reporting economic development, natural landscapes, architectural heritage, and nationality symbols, the competition is expected to spark new designs and ideas.