The governor of the State Bank of Pakistan (SBP) has said that new designs for all currency notes, from Rs10 to Rs5,000, have been prepared and that there is no proposal to discontinue the Rs5,000 note.

The statement was made during a meeting of the Senate Standing Committee on Finance in Islamabad, where key disclosures were shared about plans to introduce redesigned currency notes.

Briefing the committee, the governor said that proposals for the new designs had been sent to the Ministry of Finance after detailed work by the central bank and approval by the State Bank Board.

He added that the matter had now been forwarded to the federal cabinet for consideration.

According to the governor, the new notes include advanced security features to help prevent counterfeiting.

During the meeting, he clarified that reports about abolishing the Rs5,000 note were incorrect and that no such proposal was under review.

He said the final decision on the new currency designs would be taken by the federal cabinet, which is currently examining the issue.

The committee chairman asked how the new designs were developed. In response, the governor said the committee could be given an in-camera briefing at the next meeting, where sample notes would also be presented.

Members were informed that the cabinet has not yet taken a final decision, but progress on the matter is expected soon.