State Bank of Pakistan Approves Designs of New Currency Notes

By Bilal Haider :

The Governor of the State Bank of Pakistan, Jameel Ahmad, has confirmed that the design of new currency notes has been finalized. He said the State Bank Board approved the designs and forwarded them to the Ministry of Finance.

He shared this update during a meeting of the Senate Standing Committee on Finance. According to the governor, the new currency notes will be issued only after the federal government grants its approval.

He also clarified a key concern. There is no proposal under consideration to discontinue the Rs. 5,000 note, he told the committee.

During the same meeting, Senator Abdul Qadir raised strong concerns over the super tax. He questioned how people could pay the super tax covering three to four years at once. He warned that such pressure could force individuals and businesses to leave the country.

He further criticized the Federal Board of Revenue (FBR). He said its current approach amounts to harassment. Instead, he suggested collecting the tax in instalments over two to three years, rather than demanding immediate payment.

Senator Sherry Rehman also spoke at the meeting. She said the constitutional court had already ruled that imposing a super tax falls under parliament’s authority. However, she warned that the tax has increased financial pressure on citizens.

She added that repeatedly taxing the same group to boost revenue is not a sustainable revenue model. According to her, this strategy only deepens economic strain.

Responding to the criticism, the Chairman of FBR said the department may allow instalments for super tax in certain cases, if needed. He disclosed that total super tax collection stands at Rs. 217 billion.

The meeting highlighted major developments on currency reforms and tax policy. It also underscored growing concerns over tax enforcement and economic pressure on taxpayers.