President General Pervez Musharraf approved the issuance of new Rs 20 denomination note on the eve of Independence Day on August 13. Governor State Bank Dr Ishrat Hussain presented a prototype of the new note, already approved by the Cabinet.
He informed the President that the bill contains state-of-the-art international standard security features that were very difficult to counterfeit. The SBP will also introduce Rs 5000 denomination note and plans to phase out all existing bills gradually.