SBP Considers Ending Rs. 10 Note

The State Bank of Pakistan (SBP) is contemplating the discontinuation of the Rs. 10 currency note when a new series is launched, according to a senior central bank official addressing the Senate Standing Committee on Finance. The committee received a briefing from SBP Deputy Governor Dr. Inayat Hussain on the forthcoming currency notes, which will feature enhanced security measures.

Dr. Hussain revealed that the SBP has previously contemplated withdrawing the Rs. 10 note twice due to increased production costs. The committee was informed that the present banknote series has been in circulation since 2005, with new notes planned to possess improved security features. Officials from the SBP confirmed that the federal cabinet has deliberated on the proposed new currency notes on two occasions, leading to the formation of a cabinet committee to review the designs.

During the meeting, the committee sought further information on the company selected by the SBP to design the new currency notes, which had also been appointed to execute the task. The SBP Executive Director disclosed that the same company would be responsible for the work. Concerns were raised about counterfeit currency being dispensed through banks and ATMs, with some shopkeepers reluctant to accept higher denomination notes such as Rs.

1,000 and Rs. 5,000 due to counterfeit fears. Dr. Hussain reassured the committee that counterfeit currency was not widespread in Pakistan and offered to provide data to support this claim. The committee chairman expressed concerns about the potential impact of public preference on currency design, to which Dr. Hussain responded that a federal cabinet subcommittee is presently reviewing the proposed banknotes, and the designs will only be finalized after significant changes are incorporated, following the cabinet's approval.