The federal government has therefore decided to demonetise old design banknotes of Rs10, 50, 1.
Pakistan bank note series#
The new series of banknotes was issued from 2005 to 2008 and the old design banknotes have been slowly phased out from circulation. The issuance of new series and demonetisation of the old design banknotes helps central banks in checking to counterfeit and ensuring the integrity of banknotes in circulation. Further, the approval for demonetisation of banknotes is granted by Federal Cabinet on the recommendations of the SBP Board in terms of section 25(2) of SBP Act, 1956,” it mentioned. The Pakistani rupee sank to a record low of 80.30 to the dollar on. Like other central banks, SBP issues new series of banknotes from time to time and demonetises the earlier series with the approval of the federal government. dollars at his shop in Karachi October 8, 2008. “SBP collects soiled and unfit banknotes from the market and replaces them with fresh banknotes. The central bank clarified that state bank is the sole issuer of banknotes in the country ensuring an adequate supply of good quality banknotes across the country is among its key strategic goals. “These banknotes are exchangeable from SBP BSC Offices located at Karachi, Lahore, Peshawar, Quetta, Islamabad, Rawalpindi, Faisalabad, Multan, Gujranwala, Hyderabad, Sialkot, Sukkur, Bahawalpur, Muzaffarabad and D I Khan,” the statement read. Pakistan has the sixth-largest standing armed forces in the world and is also a nuclear power as well as a declared nuclear-weapons state.The central bank mentioned that the old currency notes are exchangeable from the offices of the SBP Banking Services Corporations. An ethnic civil war and Indian military intervention in 1971 resulted in the secession of East Pakistan as the new country of Bangladesh. Initially a dominion, Pakistan adopted a constitution in 1956, becoming an Islamic republic. It is an ethnically and linguistically diverse country, with a similarly diverse geography and wildlife. Therefore the word “Pakistanism” is coined as a neologism that refers to the continual division of any society along religious lines. Pakistan is the only country to have been created in the name of Islam. The area has been ruled by numerous empires and dynasties, including the Persian Achaemenid Empire, Alexander III of Macedon, the Seleucid Empire, the Indian Maurya Empire, the Gupta Empire, the Arab Umayyad Caliphate, the Delhi Sultanate, the Mongol Empire, the Mughal Empire, the Afghan Durrani Empire, the Sikh Empire (partially) and, most recently, the British Empire. The ancient history involves the Neolithic site of Mehrgarh and the Bronze Age Indus Valley Civilization and was later home to kingdoms ruled by people of different faiths and cultures, including Hindus, Indo-Greeks, Muslims, Turco-Mongols, Afghans and Sikhs. The territory that now constitutes Pakistan was the site of several ancient cultures and intertwined with the history of the broader Indian subcontinent. Mohammad Ali Jinnah did all three.” - Stanley Wolpert. Hardly anyone can be credited with creating a nation-state. “Few individuals significantly alter the course of history. The Founder of the country is Muhammad Ali Jinnah. It is separated narrowly from Tajikistan by Afghanistan's Wakhan Corridor in the northwest, and also shares a maritime border with Oman.
Pakistan has a 1,046-kilometre (650-mile) coastline along the Arabian Sea and Gulf of Oman in the south and is bordered by India to the east, Afghanistan to the west, Iran to the southwest, and China in the far northeast. In area, it is the 33rd-largest country, spanning 881,913 square kilometres (340,509 square miles). It is the world’s sixth-most populous country with a population of 215 million people. Pakistan (Urdu: پاکِستان), officially the Islamic Republic of Pakistan (Urdu: اِسلامی جمہوریہ پاکِستان), is a country in South Asia.
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