State Bank of Pakistan (SBP) launches an art competition for new banknote designs for local artists, designers, and art students. It came after the State Bank started the procedure of issuing a new currency note series to prevent fraudulent practices. So, SBP launches an art competition for new and unique banknote designs.
The Central Bank SBP takes procedures to protect currency notes every 15-20 years. In this regard, the State Bank of Pakistan has released a statement that the design competition of new banknotes for all current values has begun.
According to SBP’s announcement, they have decided to hold an art competition for the new note design and art students should submit their designs to the State Bank by March 11, 2024.
Terms and Conditions to submit note designs for art competition
- You can design all seven or fewer banknotes of different values (Rs. 10, 20, 50, 100, 500, 1000, and 5000).
- Designs with a short explanation of a maximum of 100 words in English or Urdu should be submitted on hard copy or white paper.
- Each banknote should have its distinct colors.
- A panel of renowned artists will judge the designs and recommend the top three designers for each banknote value.
- Prizes of Rs.1,000,000, Rs.500,000, and Rs.300,000 will be awarded to the top three designs of each banknote value.
- Designs must be original and free from copyrights and have no legal issues.
- People involved in the judging process or working in the State Bank of Pakistan and their families cannot participate.
- The SBP will own the rights to the designs and may modify them without extra payment to use on banknotes.
- You may send queries relevant to this competition at the email address of SBP email@example.com
- SBP will submit designs to the federal government for approval. SBP plans to complete the process within the next two years.
The designers may incorporate themes and innovative ideas regarding social and cultural identities, climate change and environmental protection, and demographic diversity. As well as economic development, natural landscapes, national symbols, and architectural heritage.
Even after the new series is issued, the present banknote series will continue to be in circulation. The decision to pull the present series from circulation will be gradual and slow.
Designers may submit their designs to the Director of the Finance Department of the State Bank of Pakistan via TCS at I.I. Chundrigar Road, Karachi.
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