![]() ![]() To this end, on it was declared that all banknotes carrying political inscriptions was no longer legal tender, along with discontinuation of all Rs. SBP has consistently undertaken all measures to its banknotes are treated respectfully, with no personal/political purposes. State Bank of Pakistan – Third Generation Series 50 note was also introduced with promissory clause and the signatory’s designation, subsequently adopted for all other notes in this series. The use of portrait on this note set the trend for all subsequent issues of SBP. 100 banknotes with a portrait of Father of the Nation, Quaid-i-Azam, Muhammad Ali Jinnah, along with a watermark containing his photograph and the security thread. Accordingly, in 1956, it was decided to issue Rs. To ensure that every subsequent series is more secure, ever more sophisticated security features have been incorporated in various banknote generations. Security features of Pakistani banknotes have been evolving steadily. State Bank of Pakistan – Second Generation Series All three denominations contained a watermark and security thread running through the note. 100 note, printed by Thomas De La Rue & Company and PSPC was issued. 10 printed by Thomas De La Rue & Company, were issued on Sep 01, 1951. English, Urdu and Bengali and incorporated security features like a crescent moon watermark and security thread. ![]() Zahid Hussain, 1st Governor, SBP were printed in three languages i.e. 2 denomination, printed by Bradbury Wilkinson and company. On Mar 01, 1949, SBP issued its first generation of banknotes, initially in Rs. State Bank of Pakistan– First Generation Series 1 note printed by Bradbury Wilkinson & Company and signed by Mr. Ghulam Muhammad, first Finance Minister of Pakistan, had neither watermark nor security thread. 5, 10 and 100 denominations, printed by Thomas De La Rue & Company. "Government of Pakistan" at top and “ حکومت پاکستان “at bottom of the white area, generally reserved for viewing watermark.Īfter SBP’s formation, Government of Pakistan (GoP) issued emergency banknote series on Oct 01, 1948, in Rs. 1, 2, 5, 10 and 100 denominations, contained two inscriptions on the front i.e. The federal government has therefore decided to demonetise old design banknotes of Rs10, 50, 1.After initial usage of Indian Banknotes in the country at the time of Independence, Pakistan (Monetary System and Reserve Bank) Order, 1947” allowed modification and circulation of Indian notes. The new series of banknotes was issued from 2005 to 2008 and the old design banknotes have been slowly phased out from circulation. The issuance of new series and demonetisation of the old design banknotes helps central banks in checking to counterfeit and ensuring the integrity of banknotes in circulation. ![]() Further, the approval for demonetisation of banknotes is granted by Federal Cabinet on the recommendations of the SBP Board in terms of section 25(2) of SBP Act, 1956,” it mentioned. Like other central banks, SBP issues new series of banknotes from time to time and demonetises the earlier series with the approval of the federal government. “SBP collects soiled and unfit banknotes from the market and replaces them with fresh banknotes. ![]() The central bank clarified that state bank is the sole issuer of banknotes in the country ensuring an adequate supply of good quality banknotes across the country is among its key strategic goals. “These banknotes are exchangeable from SBP BSC Offices located at Karachi, Lahore, Peshawar, Quetta, Islamabad, Rawalpindi, Faisalabad, Multan, Gujranwala, Hyderabad, Sialkot, Sukkur, Bahawalpur, Muzaffarabad and D I Khan,” the statement read. The central bank mentioned that the old currency notes are exchangeable from the offices of the SBP Banking Services Corporations.
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