KARACHI: The State Bank of Pakistan (SBP) has rejected reports circulating on social media about the discontinuation of the Rs10 currency note.
The central bank clarified that no deadline has been set for discontinuing or exchanging the Rs10 note.
The SBP said no decision had so far been taken to discontinue or replace currency notes of any denomination.
According to the central bank, a proposal to introduce a new series of currency notes is currently under consideration by the federal cabinet.
The SBP said that if a final decision is taken, the public will be officially informed through government channels.
It added that if any currency note is discontinued, the public will be given sufficient time to exchange it.
The central bank advised the public to rely only on official SBP sources for information regarding currency notes.
Rs10 note Pakistan
The rumors start floating when on August 25 State Bank of Pakistan (SBP) recommended discontinuing the Rs10 banknote, the central bank’s deputy governor told the Senate Standing Committee on Finance and Revenue.
The committee meeting was held under the chairmanship of Senator Saleem Mandviwalla, who also expressed serious concern over reports of counterfeit Rs5,000 and Rs1,000 notes being dispensed by bank ATMs.
The deputy governor briefed the committee on the ongoing process for introducing new currency notes, saying that the government had constituted a ministerial committee, headed by the finance minister, to oversee the design and issuance of the new notes.
He said the ministerial committee had approved the designs and that the SBP was working to ensure the new notes met the required security standards.
The deputy governor said the new notes could take another year to be introduced even after approval by the federal cabinet.
He said the SBP had recommended discontinuing the Rs10 banknote, while the federal cabinet would decide the denominations of the new currency notes.
