SBP rejects rumours about phasing out Rs10 banknote

The State Bank of Pakistan (SBP) has firmly rejected rumors circulating on social media regarding the phasing out of the Rs10 banknote. The central bank explicitly stated that these claims are baseless and without substance, emphasizing that no specific deadline for discontinuation has been set. The SBP has submitted a proposal to introduce a new banknote series, currently under consideration by the Federal Cabinet.

However, the matter remains under deliberation, and any decision regarding the replacement or discontinuation of any denomination will be formally communicated to the public through official channels. A formal announcement will be made, allowing sufficient time for the public to exchange discontinued banknotes. In a related development, on August 25, SBP Deputy Governor Dr. Inayat Hussain briefed the Senate Standing Committee on Finance and Revenue, suggesting that the bank is considering a phased withdrawal of the Rs10 banknote due to rising printing costs.

The bank is also developing a new design for the Rs5,000 note to enhance anti-counterfeiting measures.

Brief written by urgent.news from Dawn Business's own syndicated text. Machine-written — may contain errors; check the original before relying on it.