Rs10 Currency Note to Be Phased Out
The central bank says redesigned notes could cut counterfeiting as production costs rise, and officials say the new Rs10 note may be dropped.
- On Tuesday, State Bank of Pakistan Deputy Governor Dr. Inayat Hussain told the Senate Standing Committee on Finance and Revenue that the SBP is considering discontinuing the Rs10 banknote due to rising production costs.
- Senator Shahzeb Durrani criticized the SBP for failing to finalize new currency notes after two years of work, while the federal cabinet must still approve the denominations.
- Committee Chairman Senator Saleem Mandviwalla questioned the SBP on security guarantees after reports of counterfeit Rs5,000 notes being dispensed by bank ATMs raised concerns.
- Officials stated the currency production process will be revamped to reduce counterfeiting, though Mandviwalla questioned the transparency of consultant hiring and doubted notes would launch within the current Senate term.
- Even after federal cabinet approval, Hussain stated the new currency notes could take another year to enter circulation, further extending the timeline for the updated banknotes.
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SBP considering abolishing Rs10 currency note, says official
Existing currency series began printing in 2005: SBPOfficial says cabinet made major design changes.New notes to enter market after changes finalised: SBPState Bank of Pakistan Deputy Governor Dr Inayat Hussain on Friday told the...
Pakistan Considers Ending Rs. 10 Currency Note
The State Bank of Pakistan (SBP) is considering discontinuing the Rs. 10 currency note due to the increasing cost of producing and maintaining low-denomination paper currency. SBP Deputy Governor Dr Inayat Hussain informed the Senate Standing Committee on Finance that the central bank had already made two previous attempts to phase out the Rs. 10 note. The denomination could eventually be withdrawn once Pakistan introduces a new series of curren…
SBP Plans to Replace Rs10 Note With Coin - THE DESTINATION
ISLAMABAD: (Finance Reporter) – The State Bank of Pakistan (SBP) has announced plans to replace the Rs10 banknote with a Rs10 coin as part of the issuance of a new series of currency notes. The development was disclosed during a meeting of the Senate Standing Committee on Finance, where SBP Deputy Governor Dr Inayat Hussain […] The post SBP Plans to Replace Rs10 Note With Coin appeared first on THE DESTINATION.
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