State Bank of Pakistan has announced an art competition for the design of new currency notes. The State Bank of Pakistan (SBP) start an Art Competition for fresh designs with new series on banknotes. The SBP invited local artists, designers, and art students to participate in the competition and infuse their creativity into the nation’s currency.
SBP Art Competition for new banknote designs
The artists are urged to think outside the box and submit their designs by March 11, 2024, to the Finance Department at the SBP headquarters on I.I. Chundrigar Road in Karachi. For more information visit official website of SBP www.sbp.org.pk.
Designers’ samples will be sent to the government for final approval. Even after the issuance of new currency notes, the existing currency notes will continue to circulate, but they will be phased out. It takes two to three years to introduce new currency notes in the market but this time the phase will complete in just two years. There are 17 thousand bank branches across the country, people will be able to exchange their notes easily, new currency notes will be transferred to the account while old currency notes will be phased out.
ڈپٹی گورنر سٹیٹ بینک سلیم اللہ نے کہا نئی کرنسی کا مقصد نوٹ کی آفادیت کو برقرار رکھنا ہے، 2005 میں نئی کرنسی جاری کی تھی جس کا عمل تین سال تک جاری رہا۔سلیم اللہ کا کہنا تھا پہلا نوٹ جاری کرنے میں تقریبا دو سال لگیں گے، یہ ایک طویل عمل ہے، نئی کرنسی کی چھپائی جدید ٹیکنالوجی کے ذریعے کریں گے۔
State Bank of Pakistan New Currency Notes Design Art competition 2024 Prizes
The State Bank of Pakistan (SBP) has announced cash prizes for the top three designs summited by the artists. The public has also been asked for their suggestions for the design of currency notes, there are three prizes for each denomination, there are seven denominations in total, so there are 21 prizes.
- The first prize is 10 lakh rupees,
- The second prize is 5 lakh rupees
- The third prize is Rs 3 lakh.
The Art Competition will be conducted under the following terms and conditions:
(a) The Participants can share design of all the seven (07) existing denominations (Rs. 10, 20, 50, 100, 500, 1000 and 5000) or fewer denominations based on their choice.
(b) Design for each banknote shall be presented in hard copy on white paper along with a writeup of not more than hundred words in English or Urdu, explaining the design and its theme.
(c) The colours of each banknote denomination should be unique and easily distinguishable.
(d) A Jury comprising reputed artists will evaluate the designs and recommend the top six (06) designs for each denomination to the SBP for picking the top 3 designs of each denomination.
(e) The first, second and third designs of each denomination will be given the prize of Rs.1,000,000/-, Rs.500,000/- and Rs.300,000/- respectively.
(f) The participants shall ensure that their submitted designs are free from any copyright claims and/or any liabilities.
(g) The members of the Jury, SBP and its subsidiaries employees and their family members shall not be eligible to participate in the Art Competition.
(h) The designs submitted in the Art Competition will be sole property of the SBP and the SBP will be at liberty to share the design or any modification thereof with the banknote designers for the purpose of banknotes designing, without any extra compensation.
(i) For any questions and clarifications about the Art Competition, please contact us at email@example.com.