Security Papers Limited has sought additional time to manufacture new currency notes, citing delays caused by the need to upgrade its machinery to meet international standards, the company stated in a letter to the Pakistan Stock Exchange, Express News reported.

The company outlined that upgrading its plant is essential for producing currency notes of international quality. “The upgrade is planned to be completed within 18 months,” the letter stated.

Installed in 2004, the current machinery has become outdated and requires modifications to incorporate modern technology.

The company emphasised that the upgrade will enable it to better meet the requirements of the State Bank of Pakistan. The delay, the company assured, is a necessary step to ensure improved efficiency and compliance with global benchmarks.