The State Bank of Pakistan has finalized the design of new currency notes, with the State Bank Board approving the plans and sending them to the Ministry of Finance for government clearance.
Governor Jameel Ahmed confirmed that the new notes will be issued once official approval is granted, while dismissing any proposals to discontinue the Rs5,000 note, ensuring the high-denomination note will remain in circulation.
He informed the Senate Standing Committee on Finance about the new currency notes during a committee meeting.
The governor told the committee that after the State Bank Board approved the designs, they were forwarded to the Ministry of Finance. The new notes will be issued once the government gives its approval. He also clarified that there is currently no proposal to discontinue the Rs5,000 note.
During the session, Senator Abdul Qadir expressed concerns about the super tax, asking how people would manage to pay it over three to four years.
He criticized the FBR for allegedly harassing taxpayers and suggested that instead of demanding immediate payment, the tax could be collected over two to three years.
Senator Sherry Rehman noted that while the constitutional court has stated that super tax falls under the authority of Parliament, it is placing undue pressure and burden on people. She added that repeatedly taxing the same class is not a sustainable revenue model.
At the meeting, the FBR chairman said that if necessary, some cases could allow installments for the super tax.
