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SBP launches new Rs 100, Rs 500 notes

Staff Report

KARACHI: The Governor of the State Bank of Pakistan (SBP), Dr Shamshad Akhtar, launched on Friday Rs 100 and Rs 500 new design banknotes, which will be available at banks from Saturday.

The SBP governor launched these banknote at a simple but impressive ceremony held at the SBP head office. The launch of these banknotes is part of the SBP’s campaign to eliminate counterfeiting of notes in the country and to protect the public from this menace.

Dr Akhtar explained that the SBP has taken advantage of the latest technology to make these notes virtually impossible to be forged by incorporating the state-of-the-art security features. These modern security features are not only easy to recognize, but almost impossible to be copied by counterfeiters.

However, it is important for the public to become well versed with these security features so that they can immediately recognize a counterfeit banknote when they come across it. Dr Akhtar urged the media to effectively play their vital and constructive role in protecting the public by giving wide coverage to these security features.

Some of the special security features added in the new design banknotes are anti-copy and anti-scan, micro lettering, presence of latent image of denomination which can be seen when the banknote is tilted, window security thread that changes colours when seen against the light and see-through feature in which only half of the denomination is visible on each side and the denomination is fully visible only when the banknote is seen through light.

The launch of these high tech banknotes is also expected to revolutionize the banking business in Pakistan, as these banknotes are equipped with machine-readable features. This will facilitate automation of handling of banknotes by banks and use of equipment to detect counterfeiting while processing banknotes. Due to presence of special features in these banknotes, ATMs with capability of not only dispensing with but also receiving cash can now be introduced in Pakistan like other developed countries.

The old design banknotes of Rs 100 and Rs 500 will continue to remain in circulation as legal tender along with the new design notes.

With this launch, the SBP has already introduced new design in banknotes of Rs 10, 20, 100, 500 and 5000 denominations. The SBP plans to complete its current design upgrading campaign of banknotes early next year when new design banknotes of remaining denominations of Rs 50 and Rs 1000 are expected to be introduced.

In his address of welcome, Managing Director of the Pakistan, Securities Printing Corporation Naseem Ahmed explained the security features of these notes.

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