Shafaqna Pakistan: The State Bank of Pakistan (SBP) has proposed phasing out the Rs10 currency note, with the denomination likely to be replaced by a coin as part of the country’s planned new banknote series.
SBP Deputy Governor Dr Inayat Hussain shared the development while briefing the Senate Standing Committee on Finance on the central bank’s plans to introduce redesigned currency notes.
He told the committee that the SBP had formally requested the discontinuation of the Rs10 banknote and that the denomination would not be included in the new series of notes.
Instead, the Rs10 denomination would continue to be available in coin form.
The deputy governor said the decision was linked to the increasing cost of producing Rs10 banknotes.
He clarified that the Rs10 note would be phased out when the new currency notes are introduced, indicating that the change would be connected to the rollout of the redesigned currency series rather than an immediate withdrawal of existing notes.
The Senate Standing Committee on Finance, chaired by Senator Saleem Mandviwalla, was also briefed about progress on Pakistan’s redesigned banknotes.
Officials told the committee that a committee headed by the finance minister had rejected the proposed designs for the new currency notes.
Dr Hussain said recommendations were now being incorporated to introduce new features and make changes to the designs.
The central bank has been working on a new series of currency notes as Pakistan seeks to modernise its banknotes and improve their security features.
Source: Dunya News
