SBP clarfies ‘Asaan Account’ rules and currency note designs
Govt to discontinue Rs 5,000 currency note form January 2025. In a recent development, the Senate Standing Committee on Finance has been presented with a proposal to withdraw the Rs 5,000 currency note to curb corruption and inflation in Pakistan.
The proposal to withdraw the Rs 5,000 currency note was given by Senator Mohsin Aziz of the Pakistan Tehreek-e-Insaf (PTI) before the Senate Standing Committee on Finance meeting.
According to the PTI Senator, the Federal Board of Revenue (FBR) is using this law to support the cash economy. In the meantime, a proposal to limit non-filers’ ability to operate current and savings accounts was adopted by the standing committee.
Only “Asaan Account” bank accounts may be operated by unregistered individuals. The State Bank of Pakistan (SBP) had previously explained that the designs shortlisted for the new currency notes were not the winners of the art competition for banknote designs that was announced on September 5.
In January of year 2024, the SBP announced an art competition for the new banknote series’ thematic design concepts, starting the process of creating the new series.
Reputable multinational companies chosen through a competitive process are designing the actual designs of the proposed new series,” the central bank stated in a statement.
However, the sole purpose of revealing the art competition results was to recognize the artists’ hard work and provide them with financial incentives.
Reputable worldwide companies chosen through a competitive process are designing the actual currency notes for the planned new series. By December 2024, the firms will submit their design concepts, and by January 2025, the final designs that have been duly accepted by the SBP Board would be sent to the Federal Government for approval.
