<h5>Pakistan’s new notes!</h5><p>The State Bank of Pakistan, Pakistan’s central bank, has announced plans to experiment with a new polymer plastic currency or banknote later this year.</p><p>The bank’s governor, Jameel Ahmed, has informed the country’s banking and finance committee that the new polymer plastic bank note would be issued in one denomination.</p><p>If the public responds positively to this note, the plastic currency will also be issued in other denominations.</p><p>Ahmed also informed the committee that all existing paper currency notes will be redesigned with enhanced security features by December 2024 and will be available in various denominations.</p><p>However, the old notes will also be in circulation for five years before being slowly removed from the market.</p><h5>Advantages of polymer currency notes.</h5><figure class="image"><img alt="Australian_banknotes_in_wallet.jpg" src="https://storage.googleapis.com/newsahoot.appspot.com/Australian_banknotes_in_wallet_d8135bf0b3.jpg"><figcaption>Plastic notes used in Australia. Photo by Wikimedia Commons / CC BY 2.0</figcaption></figure><p>Polymer currency notes are made from a special type of plastic and have various advantages for their use. Around 40 nations use such currency notes, and Australia was the first to introduce them.</p><p>Some advantages of using such notes are:</p><ul><li><u>Enhanced security features:</u> Polymer notes allow for enhanced security features, such as holograms, making them more difficult to counterfeit than paper notes.</li><li><u>Stronger:</u> Polymer notes are stronger and last longer than paper ones. Also, as they last longer, we don't need to make new ones frequently, reducing the usage of various resources and making them environmentally friendly.</li><li><u>Waterproof and Dirtproof:</u> Polymer is water-resistant, making the notes made out of them waterproof. Therefore, they don’t get all soggy and wet, like paper currency notes. Also, the surface of polymer banknotes is very smooth, making them less susceptible to dirt and easy to clean.</li><li><u>Recyclable:</u> These notes are recyclable, and when the old ones are no longer needed, they can easily be shredded and turned into new plastic items, such as compost bins, flowerpots, etc.</li></ul><p>However, they do have certain disadvantages. They can be hard to fold, making them difficult to carry. They can get sticky when wet, making them uncomfortable to hold. There is also the risk that their colours may fade, making them useless.</p><h5>Does India use polymer plastic currency?</h5><p>No, India doesn't use plastic currency. The paper currently used for printing currency notes in India is made from cotton. The finance ministry also has no plans to introduce plastic currency notes.</p><p>However, many experts argue that polymer plastic currency notes should be introduced nationwide, as many counterfeit currency cases have been detected in India.</p>

The State Bank of Pakistan plans to create a new plastic note for public usage.

Pakistan To Get New Currency Notes

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Pakistan To Get New Currency Notes

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