ISLAMABAD: The federal cabinet, chaired by Prime Minister Shehbaz Sharif, has approved new designs for the currency notes on the recommendation of the Ministry of Finance.
As part of economic reforms, it also decided to discontinue the Rs10 banknote and introduce a Rs10 coin in its place.
The cabinet received a detailed briefing on the new designs during its meeting. It was informed that suggestions were sought from renowned artists, art experts and professional designers across the country.
A special cabinet committee constituted by the prime minister finalized the designs after consulting stakeholders, economists and financial institutions. The new designs feature motifs reflecting the country’s culture, history and development.
The briefing described counterfeit notes as a major challenge in recent years that has damaged the economy. To address this, advanced security features that are difficult to replicate have been incorporated, making it easier for the public and banks to identify fake notes.
High-quality, state-of-the-art material will be used in production, increasing the durability and service life of the notes. This will reduce the burden on the national exchequer of repeatedly printing new notes.
On the Rs10 note, the cabinet was informed that low-denomination coins last longer than low-value notes worldwide. The move will save the costs of frequently replacing small-denomination notes and improve the distribution of reserve currency in the market.
