ISLAMABAD: The design for a new series of Pakistani currency notes has been forwarded to the Ministry of Finance for final approval, State Bank SBP Governor Jamil Ahmed informed the Senate Standing Committee on Finance on Tuesday. Governor Ahmed clarified that the central bank’s board has already approved the designs, and issuance will proceed once the government grants its nod. He also dispelled rumors about the discontinuation of the Rs 5,000 note, stating no such proposal is under consideration.
The meeting, however, was dominated by fierce criticism from senators regarding the Federal Board of Revenue’s (FBR) collection of super tax. Senator Abdul Qadir lambasted the policy, arguing that demanding several years’ worth of super tax at once was forcing businesses out of the country. “The way the FBR is harassing is not right,” he stated, proposing the tax be collected over two to three years instead.
Senator Sherry Rehman echoed these concerns, citing the Supreme Court’s ruling that super tax is the parliament’s domain. She criticized the repeated targeting of the same economic class, stating it does not constitute a sustainable revenue model. In response, FBR Chairman Amjad Zubair Tiwana indicated a degree of flexibility, suggesting installments could be arranged in some cases. He noted the super tax collection target was Rs 217 billion and highlighted that the tax base had expanded by one million individuals through an SMS campaign—a point Finance Minister Muhammad Aurangzeb confirmed, having received the message himself.
