Faisalabad (NYTODAY): The federal government has decided to replace existing paper currency with newly designed notes, including the introduction of polymer (plastic) currency across the country. The change will apply to all denominations, ranging from Rs 10 to Rs 5,000.
According to official sources, polymer currency will be introduced for the first time in Pakistan. These plastic notes are expected to have a significantly longer lifespan than traditional paper notes, making them more durable and cost-effective over time. Currently, around Rs 10,260 billion is in circulation, and the government plans to provide a clear and structured timeline to banks for implementing this transition.
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Authorities have clarified that no existing currency note will be withdrawn from circulation. However, all denominations will undergo major changes in design and security features to enhance protection against counterfeiting. The new notes will include advanced security elements and innovative designs, while polymer notes will be manufactured using a special material to ensure greater durability and usability.
The Ministry of Finance stated that the new currency notes will be rolled out nationwide later this year, following approval from the federal cabinet. The move is expected to significantly improve the overall quality, safety, and longevity of the country’s currency system.
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FAQs
1. Will current paper currency notes be discontinued?
No, existing notes will not be discontinued. They will remain valid, but new notes with updated designs and security features will be introduced.
2. What is the benefit of introducing plastic (polymer) currency?
Polymer currency lasts longer than paper notes, is more durable, and offers enhanced security against counterfeiting.
3. When will the new currency notes be introduced?
The new notes are expected to be introduced nationwide later this year, after approval by the federal cabinet.