KARACHI: The State Bank of Pakistan (SBP) has proposed discontinuing the Rs10 currency note, with the denomination expected to be replaced by a coin when the country introduces its new series of banknotes.
SBP Deputy Governor Dr Inayat Hussain disclosed the development while briefing the Senate Standing Committee on Finance about the central bank’s plans for new currency notes.
He told the committee that the SBP had submitted a request to discontinue the Rs10 banknote and that the denomination would not be printed as part of the new currency series.
Instead, a Rs10 coin would continue to serve the denomination.
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.
