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SBP Starts Process for Issuing New Currency Notes

The State Bank of Pakistan (SBP) is in the process of creating and releasing a new series of banknotes for all existing denominations. Central banks typically introduce fresh banknote series every fifteen to twenty years to enhance security and incorporate the latest technological advancements in design and security features.

In the initial phase of creating the new banknote series, the SBP has launched an Art Competition, inviting local artists, designers, and art students to submit innovative and thematic design ideas by March 11, 2024. Cash prizes will be awarded to the top three designs for each of the existing seven denominations.

Following the Art Competition, selected design ideas and themes will be shared with accomplished banknote designers through a competitive process. These designers will be tasked with developing the final printable designs for each denomination.

Upon completion, the final designs will be submitted to the Federal Government for approval. The issuance of a new banknote series involves meticulous planning and coordination among various stakeholders, typically taking 2 to 3 years. However, the SBP aims to expedite the process and complete it within the next 2 years.

The existing banknote series will remain in circulation even after the issuance of new series. Any decision on withdrawal of the existing series from circulation will be taken in a gradual and phased manner, once the new banknotes are issued and are in circulation in sufficient quantities.

Terms & Conditions
  1. The Participants can share the design of all the seven (07) existing denominations (Rs. 10, 20, 50, 100, 500, 1000 and 5000) or fewer denominations based on their choice.
  2. Design for each banknote shall be presented in hard copy on white paper along with a writeup of not more than hundred words in English or Urdu, explaining the design and its theme.
  3. The colours of each banknote denomination should be unique and easily distinguishable.
  4. A Jury comprising reputed artists will evaluate the designs and recommend the top six (06) designs for each denomination to the SBP for picking the top 3 designs of each denomination.
  5. The first, second and third designs of each denomination will be given the prize of Rs.1,000,000/-, Rs.500,000/- and Rs.300,000/- respectively.
  6. The participants shall ensure that their submitted designs are free from any copyright claims and/or any liabilities.
  7. The members of the Jury, SBP and its subsidiaries employees and their family members shall not be eligible to participate in the Art Competition.
  8. The designs submitted in the Art Competition will be sole property of the SBP and the SBP will be at liberty to share the design or any modification thereof with the banknote designers for the purpose of banknotes designing, without any extra compensation.
  9. For any questions and clarifications about the Art Competition, contact Click Here.

Irfan Tariq

My name is Muhammad Irfan Tariq I am currently part of different websites and news agencies. I am interested in… More »

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