SBP Proposes Discontinuing Rs10 Banknote, Replacing It with Coin

ISLAMABAD: The State Bank of Pakistan (SBP) has proposed discontinuing the issuance of the Rs10 banknote in the future and introducing a Rs10 coin instead, citing the high cost of producing the currency note.

The proposal was discussed during a meeting of the Senate Standing Committee on Finance, where the central bank suggested stopping the printing of new Rs10 notes and replacing them with coins of the same denomination.

Cost of Rs10 Note Exceeds Its Face Value

SBP Deputy Governor Inayat Hussain told the committee that, under the current circumstances, the cost of producing a single Rs10 banknote is higher than its face value.

He said this was the main reason behind the recommendation to stop printing Rs10 notes in the future and introduce Rs10 coins instead.

Existing Notes Will Remain in Circulation

The deputy governor clarified that if the proposal is approved, existing Rs10 banknotes will not immediately become invalid or be withdrawn from circulation.

The notes already in circulation will continue to be used normally, while Rs10 coins may be issued instead of new banknotes in the future.

Rs10 Coin Was Introduced Previously

The State Bank has previously introduced a Rs10 coin, but it did not receive significant public acceptance.

Final Decision Yet to Be Made

No final decision has been taken to completely discontinue the Rs10 banknote. For now, it remains a proposal put forward by the State Bank and is under consideration by the relevant forum.