Rs10 currency note to be phased out

The federal government of Pakistan announced plans to phase out the Rs10 currency note, according to officials briefing the Senate Committee on Finance. The State Bank of Pakistan (SBP) is concurrently redesigning the banknote, incorporating improved security features. The development was disclosed during a Senate committee meeting chaired by Senator Saleem Mandviwalla.

SBP officials revealed that the Rs5,000 note had been in production for two decades and was now being redeveloped for the following two decades. They pointed out that the new banknotes would be more secure than their predecessors. During his questioning, Mandviwalla criticized the sluggish progress, mentioning that he had handed over three Rs5,000 notes to the SBP deputy governor over two years ago, but none have been returned.

He also noted that the consultant hired for the new banknote design had already been awarded the printing contract. The committee's chairman rebuked the slow pace of the process, remarking that the consultant had been assigned the printing contract ahead of time. Committee member Anusha Rahman proposed utilizing artificial intelligence to expedite the design process, but SBP officials clarified that the design had been submitted to a Cabinet subcommittee for approval.

Rahman warned that the approval process could lead to further delays, insisting that if any changes were proposed, the designs would need to be sent back to the subcommittee. Mandviwalla expressed worry that the committee's term might end before the new currency notes are finally produced.