KARACHI: In a strategic move to address concerns related to counterfeit currency, the State Bank of Pakistan (SBP) has launched an Art Competition aimed at sourcing innovative designs for a new series of banknotes.
This initiative comes as part of the SBP's decision to introduce updated currency notes, providing an opportunity for local artists, designers, and art students to play a pivotal role in shaping the visual representation of the nation's currency.
The SBP, in its recent notification, has extended an invitation to creative minds to participate in the competition and contribute their artistic flair to the design of the new banknotes. The themes provided for the designs include a wide array of subjects such as social and cultural identities, demographic diversity, climate change and environmental protection, economic development, natural landscapes, architectural heritage, and national symbols.
Participants are encouraged 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. The SBP has also announced cash prizes for the top three designs submitted by the artists.
However, participants need to adhere to certain terms and conditions listed by the SBP. These include the option for participants to design for all seven existing denominations or choose a subset based on their preference. Each banknote's design should be presented in hard copy on white paper, accompanied by a brief write-up of no more than a hundred words in English or Urdu explaining the design and its theme. The colors of each banknote denomination should be unique and easily distinguishable.
A jury comprising reputable artists will evaluate the designs, recommending the top six designs for each denomination to the SBP for selecting the top three designs of each denomination. The cash prizes for the first, second, and third designs of each denomination are Rs. 1,000,000/-, Rs. 500,000/-, and Rs. 300,000/-, respectively.
Participants must ensure that their submitted designs are free from any copyright claims and/or liabilities. Notably, members of the Jury, SBP, and its subsidiaries, as well as their family members, are ineligible to participate in the Art Competition.
It is emphasized that the designs submitted in the Art Competition will become the sole property of the SBP. The SBP reserves the right to share the design or any modification thereof with the banknote designers for the purpose of banknote designing, without any additional compensation.
This innovative approach by the State Bank of Pakistan serves not only to promote artistic expression but also actively engages the public in shaping the visual representation of the country's currency. For any questions and clarifications about the Art Competition, participants are encouraged to contact the SBP at banknotes@sbp.org.pk. This initiative marks a progressive step in involving the community and fostering a sense of ownership in the development of the national currency's aesthetic identity.
