State Bank Seeks Approval to Replace Rs10 Note with Coin

ISLAMABAD: The State Bank of Pakistan (SBP) has sought approval from the federal government to discontinue the Rs10 currency note and replace it with a coin.

Deputy Governor SBP Dr Inayat Hussain told a meeting of the Senate Standing Committee on Finance that the Rs10 note would be withdrawn after the issuance of newly designed currency notes.

According to the deputy governor, the decision was being considered because the cost of producing the Rs10 banknote had increased.

The committee was also given a detailed briefing on the designs of the new currency notes, counterfeit currency and the cost of printing banknotes.

Officials told the committee that counterfeit Rs1,000 and Rs5,000 notes were currently in greater circulation.

Committee Chairman Senator Saleem Mandviwalla revealed that counterfeit currency was also allegedly being dispensed through banks and ATMs. He further complained that three Rs5,000 notes deposited with the State Bank for examination had not been returned for the past two years.

The proposed replacement of the Rs10 note with a coin is part of broader discussions on reducing currency production costs and improving the security of Pakistan’s banknotes.