As per the State Bank of Pakistan Order 1948, the
State Bank of Pakistan was charged with the duty to regulate the
issue of banknotes and keeping of reserves with a view to securing
monetary stability in Pakistan and generally to operate the currency
and credit system of the country to its advantage.
The State Bank of Pakistan Act 1956, with subsequent amendments,
forms the basis of its operations today. In terms of Section 24
to 35, State Bank of Pakistan has the sole right to issue banknotes.
Currently, new banknote series is in circulation which was introduced
by State Bank of Pakistan in 2005 by introduction of 20 rupee denomination
banknote followed by introduction of other banknote
denominations of 50, 100, 500, 1000, and 5000. |
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