Following the decision to issue new currency notes in response to fake note complaints, the State Bank of Pakistan (SBP) launched an Art Competition to source new designs for a new series of banknotes, according to reports on Tuesday.
Art Competition by SBP
In its most recent announcement, the SBP invited local artists, designers, and art students to participate in the competition and inject their creativity into the country’s currency.
The notification instructed participants to create designs based on themes such as social and cultural identities, demographic diversity, climate change and environmental protection, economic development, natural landscapes, architectural heritage, and national symbols.
#SBP launches an Art Competition for new banknote designs. Artists, designers and art students can send their designs to SBP by Mar 11, 2024.
For details: https://t.co/IA6c1h6py4#ArtCompetition #SBPBanknotes pic.twitter.com/OD6XPcdFVj— SBP (@StateBank_Pak) January 30, 2024
According to the SBP’s notification, artists are encouraged to think outside the box and submit their designs to the Finance Department at the SBP headquarters on I.I. Chundrigar Road in Karachi by March 11, 2024.
The State Bank of Pakistan (SBP) has also announced cash prizes for the top three designs submitted by artists.
Terms and Conditions
However, there are some Terms and Conditions listed below that must be followed.
- Participants may share the design of all seven (7) existing denominations (Rs. 10, 20, 50, 100, 500, 1000, and 5000) or fewer denominations of their choice.
- Each banknote’s design must be presented in hard copy on white paper, along with a write-up of no more than one hundred words in English or Urdu that explains the design and theme.
- Each banknote denomination should have its own distinct colour.
- A jury of reputable artists will evaluate the designs and recommend the top six (06) designs for each denomination to the SBP, who will then select the top three designs for each denomination.
- The first, second, and third designs in each denomination will receive prizes of Rs.1,000,000/-, Rs.500,000/-, and Rs.300,000/-, respectively.
- Participants must ensure that their submitted designs are free of copyright claims and/or liabilities.
- Participants must ensure that their submitted designs are free of copyright claims and/or liabilities.
- The members of the Jury, SBP and its subsidiaries’ employees, and their family members are not eligible to compete in the Art Competition.
- The designs submitted in the Art Competition will be the sole property of the SBP, and the SBP will be free to share the design or any modification thereof with banknote designers for the purpose of banknote design, without further compensation.
For any inquiries or clarifications regarding the Art Competition, please contact us at banknotes@sbp.org.pk.
To read our blog on “SBP reserves drop by $54 million to $8.21 billion,” click here
