ISLAMABAD: Jameel Ahmad, Governor of the State Bank of Pakistan, announced that the design for the upcoming currency notes has received approval from the State Bank’s Board and has been forwarded to the Ministry of Finance for further processing.
In a session with the Senate Standing Committee on Finance, the Governor shared details regarding the new currency notes.He confirmed that after approval by the SBP Board, the design has been sent to the Ministry of Finance, and upon government approval, the new notes will be introduced into circulation. He also clarified that there are no current plans to phase out the Rs. 5,000 denomination.
Senator Abdul Qadir expressed concerns about taxpayers’ ability to pay a super tax spanning three to four years. He criticized the Federal Board of Revenue (FBR) for allegedly intimidating taxpayers and recommended that the tax collection be staggered over two or three years instead of demanding lump-sum payments.
During the discussion, Senator Sherry Rehman pointed out that although the Constitutional Court has ruled that super tax falls within Parliament’s jurisdiction, it has nonetheless added financial strain on citizens. She stressed that taxing the same group repeatedly is not a viable long-term revenue strategy.
FBR Chairman responded that, if necessary, installment plans could be arranged for certain super tax cases. He noted that the total revenue from super tax reached Rs. 21.7 billion. Additionally, the FBR’s SMS outreach to taxpayers has resulted in an increase of one million registered filers. The Finance Minister also confirmed that he received similar communications from the FBR.
