The State Bank of Pakistan (SBP) Tuesday denied rumors regarding issuing new design banknotes. Reference the news item circulating in social media regarding issuance of new design banknotes of different denominations, the SBP categorically and vehemently denies and rejects all such news items. "There is no plan whatsoever to issue new-design banknotes in the near future," the central bank said.
It is further clarified that SBP Act, 1956 clearly delineates the functions of different authorities in the matter of selection of design and form of banknotes.
Specifically, section 27 of the Act requires a recommendation of Board of Directors of SBP before the federal government makes any decision concerning design, form and material of banknotes. The SBP Board has not submitted any recommendation in this respect, to federal government or Cabinet, it added.
The SBP has requested the public not to pay heed to any such rumor-mongering which is aimed at creating unnecessary hype and anxiety among general public.
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