SBP denies rumors of issuing new design of banknotes

In reference to the news items circulating in the social media regarding the issuance of a new design of banknotes of different denominations, the SBP categorically and vehemently denied and rejected all such news items. There is no plan whatsoever to issue new design banknotes in the near future, it said.
 
It has further been clarified that the SBP Act, 1956 clearly delineates the functions of different authorities in the matter of selection of the 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 the banknotes. The SBP Board has not submitted any recommendation in this respect, to Federal Government or the Cabinet, SBP clarified on Tuesday.

Warning the public, it requested it to pay no heed to such rumor-mongering which is aimed at creating unnecessary hype and anxiety in the general public.