The Governor of the State Bank of Pakistan (SBP), Jameel Ahmad, has announced that the designs for the country’s new currency notes have been finalized. He informed lawmakers that the SBP Board has approved the updated designs and forwarded them to the Ministry of Finance for further consideration. The new banknotes will be introduced only after the federal government gives its formal approval.
The governor shared these details while addressing a meeting of the Senate Standing Committee on Finance. He also addressed public speculation about the future of high-value currency, clarifying that there is currently no plan to discontinue the Rs. 5,000 note.
During the same session, several senators raised concerns about tax-related issues, particularly the super tax. Senator Abdul Qadir criticized the burden placed on taxpayers, questioning how individuals and businesses could manage payments covering several years at once. He warned that such financial pressure could push investors and businesses to relocate abroad. He also accused the Federal Board of Revenue (FBR) of adopting harsh enforcement methods and suggested allowing taxpayers to pay in instalments spread over two to three years.
Senator Sherry Rehman also expressed reservations, noting that while the constitutional court has ruled that the super tax falls under parliament’s authority, repeatedly taxing the same segment of society is not a sustainable way to increase revenue. She cautioned that the policy could worsen economic difficulties for citizens.
In response, the FBR chairman said the department is open to offering instalment options in certain cases. He revealed that super tax collections have reached Rs. 217 billion. He added that outreach efforts, including phone calls and text messages, helped register one million new taxpayers. The finance minister mentioned receiving such a message himself.
Overall, the meeting focused on currency reforms and tax policies, while highlighting growing concerns over enforcement measures and financial strain on the public.
