Pakistan announced to introduce new currency notes
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00:00Hello viewers, I am your host Abdul Rahman and today we will discuss about currency change in Pakistan.
00:12Yes, banknotes in Pakistan's design and everything is being changed.
00:19And this news is given by Governor's State Bank in front of Salad's Finance Committee.
00:24The amount of currency notes in circulation in Pakistan is Rs. 9,110,000,000, i.e. Rs. 9.1 trillion in cash.
00:39And if we talk about total money in economy, it is Rs. 37.9 trillion.
00:46Coins, bonds and bank deposits are also included in this amount.
00:53Rs. 27 trillion kept in banks is included in this amount.
00:58So, the amount shown on the computer or bank account, it is not necessary that much money is in the market.
01:06If there is Rs. 1,000,000,000 in a bank account, that customers have deposited Rs. 1,000,000,000 in the bank,
01:14then all that money is not necessary to be with the bank or the state bank.
01:18A lot of money is running only in papers.
01:21International monetary terms, all the international finances are also like this.
01:27It is the same in our country.
01:29Out of that, a special 15-20% is cash.
01:32The problem in Pakistan is that the cash that is running in our country, a large part of it is illegal money or undocumented money.
01:40So, the government is thinking of legalizing all that money.
01:44In Pakistan, from Rs. 10 note to Rs. 5,000 note, all currency notes have been decided to be changed.
01:53One such note will be issued in polymer or plastic instead of paper money.
02:00What is that note?
02:02The highest currency note in Pakistan is Rs. 1,000, which is very high.
02:09So, when we convert a large amount of illegal currency into polymer currency, there will be fewer chances of it being replicated.
02:19Countries in the world that have converted their currency into polymer currency,
02:24like the Australian dollar or Canadian dollar or Japanese yen,
02:30all these currencies are converting from paper money to plastic money.
02:34So, it is almost impossible to make it illegal there.
02:38Because it has so many features that it is not possible to make it for a group of a few people.
02:46Now, there are two big benefits of this plastic currency note.
02:49One is that it runs 5-10 times longer than normal paper money.
02:55It doesn't get spoilt. It doesn't burst.
02:57Second, even if you try to spoil it a little, it doesn't get dirty.
03:02Now, in our country, people who sell paan do a lot of damage to currency notes.
03:06People who sell chickens do a lot of damage to currency notes.
03:09People who sell mechanics do a lot of damage to currency notes.
03:12So, currency notes get spoilt very quickly.
03:14There are many other fields where currency notes get spoilt.
03:18So, we have to educate the people and we have to do this as well.
03:22The highest currency note in Pakistan is Rs. 1,000.
03:27Whenever you trade, buy things, sell things, get a Rs. 5,000 note or trade a Rs. 1,000 note,
03:35you should look at this currency note the most.
03:37A Rs. 5,000 note is seen because it is of high value.
03:40This currency note should also be looked at.
03:42Now, it has been decided that by December 2024, all these currency notes will be changed.
03:48For that, the government will also take its approval.
03:51So, from all these things, there are two types of money in Pakistan.
03:56One is the money of corruption, which is hidden in the banks.
04:00It will be helped to bring it out.
04:02The second type of money is that of people who have undocumented money.
04:06It is not of corruption.
04:08The business is such that all the wholesale markets in Pakistan,
04:12the money that is circulating there, a large part of it is not in the government's documents.
04:18You go to the Sotar Mandi in Faisalabad.
04:21You go to the Shalmi Market in Lahore.
04:23You go to the big wholesale markets in Karachi.
04:28There, the purchase system runs on the notepad and on the letterpad.
04:33This is how people exchange money.
04:36After that, people have kept a large amount of cash.
04:39So, it is very important to bring this cash into the economy.
04:43When you close notes and issue new notes in return,
04:48then the person who has old notes will go to the bank and deposit the notes.
04:53So, he will have to tell the person that he has 1 crore rupees of cash,
04:5710 lakh rupees of cash, one by one.
04:59Earlier, I did not have a bank account.
05:01Where did this money come from?
05:03So, when you document your business,
05:06then the real state of the economy of Pakistan will come into picture.
05:09So, this will benefit the undocumented sector.
05:13I am not saying it is unlawful.
05:17But it is not documented in the government documents.
05:20So, it is definitely illegal money.
05:23On the other hand, the money that is earned for the purpose of haraam,
05:28for example, bribery, smuggling,
05:32all these two types of work,
05:35the money that is earned from them,
05:37people hide it in their basements in the form of cash.
05:42And if all this money is kept in Pakistani currency,
05:47then it is kept in a note of Rs. 5000.
05:50That is, Rs. 100,000 comes in only 20 currency notes.
05:55You don't even know what's in your pocket.
05:57Earlier, there was a note of Rs. 1000.
05:59So, for that, you had to have 100 currency notes.
06:02So, if you put 100 currency notes in your pocket,
06:04then the pocket becomes very heavy.
06:06Everyone can see it.
06:07So, if someone has to give a bribe of lakhs, two lakhs, five lakhs,
06:10then so much money comes in the pocket that you don't even know.
06:13So, the people who have earned haraam money,
06:16they have also made basements.
06:17And in those basements, this haraam money
06:20will be in the form of Rs. 5000,
06:22or in dollars, or in gold.
06:26So, the Rs. 5000 note that people have hidden in the market,
06:30if it changes,
06:32then immediately those who have kept Rs. 5000,
06:35they will take it out.
06:37So, for this, it will be legal
06:39that you go to a bank,
06:41give your ID card,
06:43deposit money in your account.
06:45So, it is also possible
06:47that the Rs. 5000 note
06:49is sold for Rs. 2,500-3,000 in the market.
06:52People have so much black money.
06:54So, for Pakistan,
06:56it is good that if we move towards this,
06:59then this black money,
07:01we will be able to control it to a large extent.
07:04Then, our traders,
07:06who are not legally coming
07:08to whitewash their money,
07:10they will also be forced to do so.
07:12This was tried in India in 2016.
07:14It has a lot of implications.
07:16But, one benefit of it was that
07:18people have shifted towards digital currency.
07:21In Pakistan, people are not shifting
07:23towards digital currency in such large numbers
07:25as they should be.
07:27I am talking about online payments.
07:29Don't take it as digital currency.
07:31The money that we transfer online,
07:33people are afraid of it.
07:35There are safeguards on it.
07:37Its safeguards are fine to some extent.
07:39If you also want to transfer money,
07:41then try to transfer it
07:43from bank account to bank account.
07:45Don't send cash
07:47to any unknown person.
07:49According to my own experience,
07:51the biggest fraud in the transfer
07:53of online money is happening
07:55in the account of Jais Cash.
07:57It is so fragile,
07:59it can be hacked easily.
08:01And after the hack,
08:03the person immediately
08:05withdraws the money
08:07and disappears.
08:09He cannot be caught.
08:11Whereas, whenever a bank account opens,
08:13it has proper documentation,
08:15ID card of the bank,
08:17details of your house,
08:19electricity bill,
08:21permit address.
08:23It is not easy for anyone to escape from it.
08:25This was today's episode.
08:27If you liked the video,
08:29please like, share and subscribe.
08:31May Allah bless you.