The Governor of the State Bank of Pakistan (SBP), Jameel Ahmad, has confirmed that the design of new Pakistani currency notes has been finalized. He said the State Bank Board has approved the designs and formally forwarded them to the Ministry of Finance for further action.
The update was shared during a meeting of the Senate Standing Committee on Finance, where lawmakers discussed currency reforms and broader economic issues.
Issuance of New Currency Notes Awaits Federal Approval
The SBP governor clarified that the new currency notes will only be issued after approval from the federal government. He emphasized that the central bank has completed its role in finalizing the designs, and the next step rests with the Ministry of Finance.
Addressing speculation, Jameel Ahmad categorically stated that there is no proposal to discontinue the Rs 5,000 banknote, dismissing concerns about the high-denomination note being phased out.
Senators Voice Concerns Over Super Tax Burden
During the same session, Senator Abdul Qadir raised serious concerns about the super tax, questioning how individuals and businesses could be expected to pay tax liabilities covering three to four years in one go.
He warned that excessive financial pressure could push taxpayers and businesses to relocate abroad. The senator also criticized the Federal Board of Revenue (FBR), calling its enforcement methods harassing, and suggested that the tax be collected in installments over two to three years instead.
Sherry Rehman Questions Sustainability of Tax Policy
Senator Sherry Rehman echoed similar concerns, noting that while the constitutional court has ruled that the super tax falls under parliament’s authority, its implementation has intensified economic pressure on citizens.
She cautioned that repeatedly taxing the same segment of society to increase revenue is not a sustainable economic strategy, warning that it could further weaken economic stability.
FBR Signals Flexibility as Super Tax Collection Reaches Rs 217 Billion
Responding to lawmakers, the chairman of FBR said the department may allow installment-based payments for the super tax in specific cases. He revealed that total super tax collection has reached Rs 217 billion so far.
The chairman also disclosed that outreach through phone calls and SMS notifications helped increase the number of registered taxpayers by one million. The Finance Minister noted that he personally received such a message from FBR as well.
Key Takeaways from the Senate Finance Meeting
The meeting highlighted two major developments: progress on currency reforms in Pakistan and growing concerns over tax enforcement and economic pressure. While new currency note designs move closer to issuance, lawmakers continue to call for a more balanced and taxpayer-friendly fiscal approach.
