Karachi, January 30, 2024 – In a bid to infuse creativity and innovation into the national currency, the State Bank of Pakistan (SBP) has announced an art competition inviting local artists, designers, and art students to contribute their ideas for the upcoming new series of banknotes.
The official notification, released on Tuesday, disclosed that the SBP has initiated the process for the issuance of a fresh banknote series and is seeking novel and thematic design proposals through an Art Competition. Eligible participants include local artists, designers, and art students who can showcase their creativity on themes such as social and cultural identities, demographic diversity, climate change and environmental protection, economic development, natural landscapes, architectural heritage, and national symbols.
To participate, interested individuals must submit their designs to the Director, Finance Department, State Bank of Pakistan, I.I. Chundrigar Road, Karachi, by March 11, 2024. The competition will evaluate designs for all seven existing denominations (Rs. 10, 20, 50, 100, 500, 1000, and 5000), and participants can choose to submit designs for all denominations or a select few.
The terms and conditions of the competition outline specific criteria for submission, including presenting hard copies on white paper for each banknote along with a brief write-up of no more than one hundred words in English or Urdu, explaining the design and its theme. Furthermore, the competition emphasizes the importance of unique and easily distinguishable colors for each banknote denomination.
An esteemed jury consisting of reputed artists will evaluate the submitted designs and recommend the top six designs for each denomination to the SBP. From these recommendations, the SBP will select the top three designs for each denomination, with cash prizes of Rs.1,000,000, Rs.500,000, and Rs.300,000 for the first, second, and third place, respectively.
The competition also includes strict guidelines to ensure that the submitted designs are free from any copyright claims and/or liabilities. Members of the jury, SBP and its subsidiaries employees, as well as their family members, are not eligible to participate in the Art Competition.
Moreover, participants should be aware that the designs submitted in the competition will become the sole property of the SBP. The SBP will have the liberty to share the design or any modifications with the banknote designers for the purpose of banknote production, without providing any additional compensation.
For any inquiries or clarifications about the Art Competition, participants are encouraged to reach out to the SBP. This initiative not only fosters creativity within the artistic community but also ensures that the new banknote series reflects the diverse cultural and thematic aspects of Pakistan.
