Sunday , February 5 2023

Saudi Government has Issued Five Riyal Plastic Notes

Saudi Government issues plastic notes

Saudi authorities have issued Five-riyal notes from plastic to curb counterfeiting. The Gulf state of Saudi Arabia is issuing plastic notes in phases to protect the public from counterfeiting. In the first phase, the Saudi Financial Authority (SAMA) has issued a 5 riyal plastic note.

Saudi Government has Issued Five Riyal Plastic Notes

The new currency notes are made of polymers which cost significantly less than paper notes and will be usable for a long time. Polymer notes also have security features, which prevent new notes from being counterfeited and even handwritten.

New Saudi currency notes

The 5 riyal currency notes are issued from Monday 5th October while the remaining currency notes will also be issued in phases.

The government of Pakistan has started working on revolutionary reforms in the economic system and in addition to proposing the abolition of large denomination notes, it has also proposed the introduction of plastic currency instead of paper and a reduction of Rs 24 on more than 500 transactions. Which will be sent to the Ministry of Finance, SBP, and the government.

It was suggested by some quarters that paper currency notes should be abolished and replaced by plastic currency. Five thousand, one thousand, and five hundred notes should be abolished and the country’s largest currency should be made Rs. The elimination of large denomination notes will also help eliminate bribery and corruption.

A proposal is being considered to digitalize the debit card by abolishing the identity card. The proposal also includes making transactions of more than Rs 500 through the card, deducting Rs 24 for transactions of more than Rs 500 and That money will be deposited directly in the national treasury, in return for this education and health services can be provided to the citizens, consumers can be given direct tax exemptions.