The State Bank of Pakistan (SBP) has released a clarification regarding the Rs75 banknote, following rumours that this currency note might be abolished.
Clarification from SBP
The central bank stated that this note was published on August 14th to commemorate their 75th anniversary. This note has been available since September 30, 2022, according to a State Bank spokeswoman. The State Bank has no plans to discontinue the 75 rupee note in the future.
The spokesman further stated that this note, like other currency notes, is acceptable for all types of transactions. All rumours about the present note’s demise are unfounded.
There is no time limit for withdrawing the current note. The 75 rupee note was manufactured in huge quantities only once and will not be printed again.
The State Bank designed the 75 rupee note in partnership with a local designer.
Previously, on their 50th anniversary, the State Bank issued a Rs. 5 commemorative note, and a Rs. 10 coin was issued in 2016.
There are no plans to phase out the Rs. 10 note, and both the note and the coin will continue to be used. There is no plan in the works to phase out the Rs. 1 and Rs. 2 coins.
At a ceremony held at the SBP offices in Karachi on August 14, 2022, the design of this commemorative banknote was presented.
The SBP said in a statement that starting on September 30, the general public can purchase a commemorative Rs. 75 banknote from SBP BSC offices and commercial banks’ branches.
“This banknote is legal tender under section 25 of the SBP Act, 1956, and can be used as medium of exchange for all transactions across Pakistan,” the central bank said.
“This is the second commemorative banknote issued by SBP after the issuance of first commemorative note issued to mark the fifty years of independence of the country in 1997.”
The SBP collaborated with regional artists to create the motifs and conceptions for the banknote’s obverse and reverse sides.
The commemorative banknote was created to honour the individuals who helped shape Pakistan and to raise public awareness of the effects of climate change on the environment.
As a result, the Quaid-i-Azam Muhammad Ali Jinnah, Allama Sir Muhammad Iqbal, Mohtarma Fatima Jinnah, and Sir Syed Ahmed Khan are shown on the banknote’s obverse, according to the statement.
To read our blog on “Since September 30, a note of Rs. 75 has been available for use in transactions, but how can you acquire one?,” click here
