SBP New Currency Notes Design Competition 2024

In a significant move, the State Bank of Pakistan (SBP) has announced the introduction of new banknotes across all denominations. The decision, revealed by the SBP governor during a media interaction after a monetary policy meeting, addresses concerns related to counterfeit banknotes. The upcoming banknotes will feature international security elements, including high-security components integrated into color schemes, serial numbers, and overall aesthetics. Designers and technology specialists are collaborating to finalize the framework for the design of these notes, with completion expected by March. This post will delve into the details of this significant development and explore the various aspects related to introducing the SBP New Currency Notes Design Competition 2024.

SBP New Currency Notes Design Competition 2024 Details

Last Date for Submission: 11th March 2024
First Prize:  10 lac Rupee
Second Prize: 5 Lac Rupee
Third Prize: 3 Lac Rupee

You can Read All the details for this Currency Note Competition here

The State Bank of Pakistan

To better understand the significance of this decision, it is essential to familiarize ourselves with the State Bank of Pakistan (SBP). The SBP is the central bank of Pakistan and serves as the country’s monetary authority. It is responsible for issuing and regulating the currency, maintaining price stability, and promoting the stability and soundness of the financial system. With this authority, the SBP plays a crucial role in managing the monetary affairs of Pakistan.

The Need for New Currency Notes

Counterfeit currency poses a significant threat to the economy and financial stability of any country. Recognizing this challenge, the SBP has embarked on a mission to enhance the security features of Pakistan’s currency notes. The decision to introduce SBP new currency notes across all denominations stems from the increasing concerns regarding counterfeit notes circulating within the country. This proactive step reflects the SBP’s commitment to maintaining the integrity of Pakistan’s monetary system and combating illicit activities.

Key Highlights

1. Objective: The introduction of new currency notes aims to improve security features and design, effectively addressing concerns regarding the proliferation of counterfeit notes.
2. International Security Features: The envisioned notes will incorporate advanced international security features, ensuring a robust defense against counterfeiting.
3. Design Competition: A design competition scheduled for February will determine the aesthetic framework of the upcoming currency, promising vibrant colors, distinct serial numbers, intricate designs, and heightened security measures.
4. Gradual Transition: The replacement of old currency notes with new ones will occur gradually, ensuring a smooth and seamless process.

SBP Art Competition For New Bank Notes Design

The State Bank of Pakistan (SBP) has introduced an art competition inviting artists, designers, and art students to submit their innovative banknote designs by March 11, 2024.

As part of the process of issuing a new banknote series, SBP is organizing an Art Competition to gather creative and thematic design ideas. Eligible participants, including local artists, designers, and art students, can contribute designs based on themes such as social and cultural identities, demographic diversity, climate change and environment protection, economic development, natural landscapes, architectural heritage, and national symbols.

Artists are encouraged to present original and imaginative designs. Submissions should be sent to the Director, Finance Department, State Bank of Pakistan, I.I. Chundrigar Road, Karachi, by the deadline of March 11, 2024.

Terms and Conditions for SBP Competition 2024

1. Denomination Options: Participants can design for all seven denominations (Rs. 10, 20, 50, 100, 500, 1000, and 5000) or choose fewer denominations based on preference.
2. Submission Format: Designs for each banknote must be presented in hard copy on white paper, accompanied by a write-up of not more than a hundred words in English or Urdu, explaining the design and its theme.
3. Unique Colors: Colors for each banknote denomination should be distinctive and easily distinguishable.
4. Jury Evaluation: A jury of reputed artists will assess the designs and recommend the top six for each denomination to SBP. The final selection of the top three designs of each denomination will be made by SBP.
5. Prizes: First, second, and third designs of each denomination will be awarded prizes of Rs.1,000,000, Rs.500,000, and Rs.300,000, respectively.
6. Copyright and Liabilities: Participants must ensure that their submitted designs are free from any copyright claims and/or liabilities.
7. Ineligibility Criteria: Members of the Jury, SBP and its subsidiaries’ employees, and their family members are not eligible to participate in the Art Competition.
8. Ownership of Designs: Designs submitted in the Art Competition will be the sole property of SBP. SBP retains the right to share the design or any modification thereof with the banknote designer for banknote design, without any extra compensation.

We will keep you updated on the latest developments regarding the introduction of the new currency notes by the State Bank of Pakistan. Stay tuned to our website for further information, guidelines, and updates related to this significant transformation in Pakistan’s currency system. Together, let us support the SBP’s efforts to enhance security, combat counterfeit currency, and contribute to a robust and trustworthy financial ecosystem.

SBP Contact Details 

• Name: Khalil-ur-Rehman.
• Telephone #: 021-2455470
• E-mail: [email protected]
• Inquiries: For any questions and clarifications about the Art Competition, participants can contact SBP at [email protected].