New Rupee Designs Finally Approved
In practice, the federal cabinet has approved the designs for Pakistan's new currency notes under denominations of Rs.
In practice, the federal cabinet has approved the designs for Pakistan's new currency notes under denominations of Rs.
Article outline
- What happened
- What comes next
- The bottom line
Key points
- The State Bank of Pakistan (SBP) will announce the schedule for introducing the new notes and gradually withdrawing the old designs from circulation.
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- The decision clears the way for the introduction of redesigned currency notes nationwide.
- SBP first approved the new designs earlier this year, but the cabinet at the time sent them back for changes.
- The cabinet has additionally approved the discontinuation of the Rs.
Notably, the cabinet has additionally approved the discontinuation of the Rs. 10 banknote, which will gradually be replaced with a coin. Rupee Crashes Against Pound, Euro Mid-Week.
In practice, the decision clears the way for the introduction of redesigned currency notes nationwide. Nevertheless, the existing notes will not be withdrawn immediately.
In practice, the State Bank of Pakistan (SBP) will announce the schedule for introducing the new notes and gradually withdrawing the old designs from circulation.
As mentioned earlier, the new designs will cover five existing denominations: Rs. 50, Rs. 100, Rs. 500, Rs. 1, 000 and Rs. 5, 000. The Rs. 10 denomination will be issued as a coin instead of a banknote.
In practice, the transition will take place in phases. The central bank will be responsible for announcing the implementation timeline and details of the withdrawal process.
SBP first approved the new designs earlier this year, but the cabinet at the time sent them back for changes. Stay Connected with ProPakistani.
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Taken together, the developments around new Rupee Designs Finally Approved point to a situation that is still moving, and the coming days should bring more clarity.
