State Bank of Pakistan Launches New design 50 Rupees and new 5 Rupees Banknotes: Daily.pk

The Governor, State Bank of Pakistan, Dr Shamshad Akhtar launched Rs 50 new-design and new Rs 5 banknotes at a simple but impressive ceremony held at SBP,Karachi , on Monday.

Addressing a press conference on the occasion, she announced that all the field offices of SBP Banking Services Corporation will start issuing these banknotes from tomorrow (8th July, 2008).

Dr Akhtar said that the state-of-the-art security features incorporated in Rs 50 new-design and new Rs 5 banknotes are of international standards and thus minimize the possibility of their counterfeiting. Nevertheless, it is important for the public to be well-versed with these security features so that they can easily recognize a counterfeit banknote when they come across it. Dr Akhtar urged the media to effectively play their vital and constructive role in educating the public by giving wide coverage to the security features of Rs 50 new-design and new Rs 5 banknotes.

It may be recalled that the State Bank has already introduced new-design banknotes of Rs 10, 20, 100, 500, 1000 and 5000 denominations. The new-design-upgraded series started gradually by introduction of Rs 20 banknote from 13th August 2005, has now been completed with the launch of Rs 50 new-design and new Rs 5 banknotes from today.

The launch of new high-tech banknotes has helped modernize the banking industry in Pakistan as the new-design banknotes are equipped with machine readable features. This will facilitate the automation of handling of banknotes by banks and use of equipment to detect counterfeiting while processing the banknotes.

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