Federal cupboard members have raised issues concerning the proposed use of polymer-substrate banknotes and referred to as for additional evaluation of the doable discontinuation of the Rs. 10 banknote.
The problem got here underneath dialogue throughout a high-level cupboard assembly chaired by Prime Minister Shehbaz Sharif.
Sources mentioned ministers confused the necessity for higher diligence to make sure polymer banknotes are protected for human use, notably in mild of issues that younger youngsters might chew the notes.
Cupboard members additionally questioned the proposal to exchange the Rs. 10 banknote with a coin, calling for an in depth comparability of manufacturing prices and lifespan between the 2.
Following intensive deliberations, the cupboard determined to refer the matter to a cupboard committee to completely study the design, materials, and options of the brand new banknote collection proposed by the State Financial institution of Pakistan (SBP).
The Finance Division knowledgeable the cupboard that the prevailing banknote collection was launched in 2005, and vital developments in safety and printing expertise over the previous twenty years necessitated an improve.
The SBP Board has advisable a brand new banknote collection to strengthen anti-counterfeiting measures and enhance public identification of real notes.
Designed by De La Rue Worldwide Restricted (UK) by means of a aggressive course of, the brand new notes function superior safety components, together with wider windowed safety threads, optically variable magnetic ink, holographic results, enhanced watermarks, tactile marks, and huge numerals for visually impaired customers.
The collection additionally carries a brand new portrait of Quaid-e-Azam Muhammad Ali Jinnah, sourced from the Nationwide Archives of Pakistan, together with Islamic geometric and floral motifs.
The SBP Board has proposed discontinuing the Rs. 10 banknote, citing a printing value equal to 25 per cent of its face worth and a lifespan of lower than 9 months. Beneath the proposal, the Rs. 20 be aware would turn out to be the bottom denomination banknote.
Moreover, the SBP has advised issuing the Rs1,000 be aware on polymer substrate on a trial foundation to evaluate sturdiness, climatic suitability and public response earlier than increasing polymer use to different denominations.