SBP Starts Process for Issuing New Currency Notes

The State Bank of Pakistan (SBP) is working on creating a new set of banknotes for all the notes. This is something central banks regularly do every fifteen to twenty years. It helps make sure the banknotes stay secure and up-to-date with the latest technology for design and security features.

As a first step in creating the new banknote series, the State Bank of Pakistan (SBP) host an art competition to gather creative and thematic design ideas. Local artists, designers, and art students can submit their designs to the SBP until March 11, 2024. There is a plan to give cash prizes to the top three designs for each of the seven existing denominations.

#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

After the art competition, the selected design ideas and themes will be shared with professional banknote designers chosen through a competitive process. These designers will then develop the final printable designs for each denomination. The completed designs are going to be submit to the federal government for approval.

Launching a new banknote series involves several steps and stages, requiring careful planning and coordination among multiple stakeholders. Typically, this process takes 2 to 3 years, but the SBP aims to complete it within the next 2 years.

Terms & Condition

Here are the terms and conditions for the Art Competition organized by the State Bank of Pakistan (SBP) for the new banknote series:

1. The existing banknote series will continue to be used even after introducing the new series. The decision to phase out the existing series will be gradual.
2. Participants can submit designs for all seven denominations (Rs. 10, 20, 50, 100, 500, 1000, and 5000) or fewer based on their preference.
3. Designs for each banknote must be present on white paper with a brief write-up (up to 100 words) in English or Urdu explaining the design and its theme.
4. Each banknote denomination should have a unique and easily distinguishable color.
5. A jury of respected artists will evaluate the designs and recommend the top six designs for each denomination to the SBP. The top three designs for each denomination will receive prizes of Rs.1,000,000, Rs.500,000, and Rs.300,000, respectively.
6. Participants must ensure that their designs are free from copyright claims and liabilities.
7. Members of the jury, SBP and its subsidiaries’ employees, and their family members are not eligible to participate.
8. Designs submitted in the competition become the sole property of the SBP, which may share or modify them with banknote designers without additional compensation.

For any questions or clarifications about the Art Competition, you can contact [contact information].