The Senate Standing Committee on Finance has been presented with a proposal to withdraw the Rs 5,000 currency note as a measure to combat corruption and inflation in Pakistan.
The proposal, introduced by Senator Mohsin Aziz of the Pakistan Tehreek-e-Insaf (PTI), was discussed during the Senate Standing Committee on Finance meeting. According to Senator Aziz, the Federal Board of Revenue (FBR) is using the high-denomination note to support the cash economy.
Moreover, the committee adopted a proposal to restrict non-filers from operating current and savings accounts, allowing them only to use “Asaan Account” bank accounts.
Earlier, the State Bank of Pakistan (SBP) had clarified that the designs shortlisted for the new currency notes were not the winners of an art competition announced on September 5. The SBP had launched an art competition in January 2024 to generate thematic design concepts for a new series of banknotes, marking the beginning of the redesign process.
The actual designs for the new currency notes are being created by reputable multinational companies, selected through a competitive process. The SBP confirmed that the goal of revealing the art competition results was to acknowledge the artists’ efforts and provide them with financial rewards.
