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The State Bank of Pakistan has finalized the designs for new currency notes, the bank’s governor, Jameel Ahmad, confirmed. The designs were approved by the State Bank Board and sent to the Ministry of Finance, he said during a Senate Standing Committee on Finance meeting. The new notes will only enter circulation after the federal government gives its approval. Governor Jameel Ahmad also clarified that there are no plans to discontinue the Rs. 5,000 note.
Tax policy dominated much of the discussion, with senators voicing concerns about the super tax. Senator Abdul Qadir questioned how individuals could manage paying a super tax covering three to four years at once. He warned that such pressure could push businesses and citizens to leave the country. He criticized the Federal Board of Revenue’s approach, calling it harassing, and suggested allowing taxpayers to pay in installments over a period of two to three years.
Senator Sherry Rehman also spoke, noting that the constitutional court had ruled that imposing a super tax falls under parliament’s authority. She said the tax increases financial pressure on citizens and that repeatedly taxing the same group is not a sustainable way to raise revenue. According to her, this strategy risks deepening economic strain.
Responding to the concerns, the FBR chairman said the department could permit installment payments for the super tax in certain cases. He revealed that total super tax collections have reached Rs. 217 billion. He also highlighted the impact of sending tax reminders through phone calls and text messages, which helped register an additional one million taxpayers. The finance minister confirmed that he had personally received a tax reminder from the FBR.
The Senate committee meeting reflected ongoing changes in currency design and tax policy while highlighting growing worries over taxpayer pressure and economic challenges.
