The Senate Standing Committee on Finance and Revenue met at the Parliament House under the chairmanship of Senator Saleem Mandviwalla. The committee reviewed matters relating to currency security, Pakistan Remittance Initiative (PRI), protection of foreign investments, and concerns regarding fraudulent practices by companies.

The State Bank of Pakistan (SBP) Deputy Governor informed the committee that the existing Rs5,000 note was introduced in 2005 and that advancements in technology had made counterfeiting easier. He stated that a tender had been advertised under PPRA rules for designing a new note. Four bidders participated, and the contract was awarded to a consultant firm, which is currently incorporating the required changes. The design will subsequently require approval from the federal government.

The chairman directed the central bank to provide complete details of the bidding process and expressed concern over the circulation of counterfeit currency. Senator Anusha Rahman emphasised the need to streamline the currency design approval process to avoid repeated referrals for minor amendments and unnecessary delays.

The State Bank of Pakistan (SBP) Governor briefed the committee on the PRI, stating that the government had initially provided subsidies to banks to facilitate remittances by overseas Pakistanis. He informed the senators that Rs120 billion had been provided as a subsidy, which was curtailed during the previous year. Due to prevailing fiscal constraints, the government is unable to continue the subsidy under the current budget. Banks have, therefore, decided to bear the associated costs from their own resources to ensure the continued facilitation of remittances.