Pakistan To Introduce New Currency Notes To Combat Counterfeit Menace

(MENAFN- Live Mint) "Pakistan's central bank has announced that it will introduce new currency notes with enhanced security features to deal with the menace of counterfeit currencies in the cash-strapped country Governor of the State Bank of Pakistan Jameel Ahmed told the media here that the currency notes will be incorporated with advanced international security features, including distinct security numbers and design to modernise the Pakistani currency also said the transition would be gradual so that Pakistan does not face disruption and public panic problems as has been witnessed in some other countries in the past Read: Pakistan seeks $2 billion financial assistance from China for a year: ReportHowever, some financial experts wonder whether the introduction of new currency notes could also include demonetisation of the ₹5,000 or higher denomination notes to combat the counterfeit and black money market to experts, cash-strapped Pakistan's economy is influenced a lot by the illegal use of black money which is easier due to the circulation of higher denomination notes.“It is the right step to ensure the integrity of Pakistan's monetary system but will this include demonetisation has to be seen,” said Sohail Farooq of the Capital Investment Read: Pakistan Elections: Nawaz Sharif vows 'message of peace to India' in PML-N manifesto. What else his polls plan include?He confirmed there had been a rise in the use of counterfeit currency notes in the market, concerning the central bank.“If new currency notes are circulated, it will ensure reliability in circulation and also give businesses confidence,” he said banker said the central bank must just ensure there is no inconvenience to the public and businesses during the implementation of the new currency.

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