State Bank to issue new 500-rupee denomination note

By Muhammad Toori

KARACHI: The State Bank of Pakistan (SBP) is launching a new currency note of 500 rupee denomination after a number of security flaws and complaints were found about the current currency note in circulation.
Syed Wasimuddin, a SBP spokesman, has confirmed that the central bank would soon launch a new version of 500 rupee currency note with enhanced security features.
"SBP will shortly launch a new currency note of 500 rupee denomination with an anti-counterfeiting feature of Optical Variable Ink (OVI) used in modern currency by different central banks of the world," Wasimuddin told Business Day on Monday.
The current note carries around 26 security features.
The OVI security feature displays two distinct colours depending on the angle the bill is viewed at. The new feature is particularly useful as an anti-counterfeiting measure as it is not widely available and its major manufacturer is a Swiss company called SICPA.
Colour-shifting inks reflect various wavelengths in white light differently, depending on the angle of incidence to the surface. An unaided eye will observe this effect as a change of colour change while the viewing angle is changed. A colour copier or scanner can copy a document only at one fixed angle relative to the card's surface.
The government had issued its first notes on October 1, 1948 in the denominations of five, 10 and 100 rupees printed in Intaglio process by Thomas De La Rue & Co London.
The first notes of two and one rupee denomination were got printed in Litho process from Bradbury Wilkinson & Co London. These were issued on March 1, 1949. Subsequently, banknotes printed by Thomas De La Rue & Co in the denominations of five and 10 rupee were put into circulation on September 1, 1951 and 100 rupee on September 15, 1953. These notes remained in circulation until their replacement started following printing by Pakistan Security Printing Corporation in 1953-54.
The portrait of Quaid-e-Azam was initially introduced on 100-rupee denomination note from the December 24, 1957.