{
  "id": 3281187,
  "title": "SBP mulls discontinuing Rs10 note over rising production cost",
  "url": "https://urgent.news/2026/08/25/sbp-mulls-discontinuing-rs10-note-over-rising-production-cost",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-25T14:35:37.000Z",
  "source": {
    "name": "Business Recorder",
    "slug": "business-recorder",
    "url": "https://www.brecorder.com/news/40436494/sbp-mulls-discontinuing-rs10-note-over-rising-production-cost"
  },
  "original_language": "en",
  "account": "The State Bank of Pakistan (SBP) is contemplating discontinuing the Rs10 banknote due to escalating production expenses, according to a senior central bank official who briefed a Senate committee on Tuesday. Deputy Governor Dr. Inayat Hussain revealed this proposal during a meeting of the Senate Standing Committee on Finance and Revenue, which examined issues like currency security, the Pakistan Remittance Initiative (PRI), safeguarding foreign investments, and concerns surrounding fraudulent company practices.\n\nThe committee learned that implementing the new currency notes would necessitate about a year, with the printing cost of a Rs5,000 note estimated at Rs14. Senator Saleem Mandviwalla highlighted the issue of three Rs5,000 currency notes submitted to the SBP for verification two years ago, awaiting the bank's response. Dr. Hussain informed the committee that the current Rs5,000 note was launched in 2005, citing technological advancements that have simplified counterfeiting. He added that a tender had been published for the design of a new note, which is presently being finalized by a consulting firm. The committee asked the State Bank to furnish detailed information regarding the bidding process and expressed worry over the prevalence of counterfeit currency.\n\nSenator Anusha Rahman Ahmad Khan stressed the importance of expediting the approval process for currency designs to prevent continuous referrals for minor changes and unnecessary delays. The Pakistan Remittance Initiative (PRI) was also presented to the committee. The governor of the SBP reported that the government had formerly provided subsidies to banks to support remittances by overseas Pakistanis, with Rs120 billion in subsidies provided. However, due to fiscal constraints, the subsidy was withdrawn in the previous year, prompting banks to finance the expenses themselves.\n\nThe committee applauded the initiative and chose to invite selected banks at their upcoming session to report on their performance and contributions to the remittance sector. The committee also reviewed the F.E. Circular, 1999, regarding the protection of foreign investors' investments and deposits in Pakistan. Dr. Hussain stated that the instructions had been communicated to the relevant banks at that time, and as per the State Bank's records, no pending cases remained. Senator Talal Mehmood expressed concern over companies operating in Pakistan, despite reporting losses, allegedly engaging in fraudulent practices and misleading investors and shareholders about their financial situation. He urged the government and relevant regulatory authorities to investigate such companies and take prompt action against fraudulent practices to shield the investments and hard-earned money of the public.",
  "summary": "The State Bank of Pakistan (SBP) is considering discontinuing the Rs10 banknote amid rising production costs, a senior central bank official told a Senate committee on Tuesday. SBP Deputy Governor Dr Inayat Hussain disclosed the development in a meeting of the Senate Standing Committee on Finance and Revenue. The committee reviewed matters relating to currency security, the Pakistan Remittance…",
  "key_points": [
    "SBP may discontinue Rs10 note due to high production costs",
    "New Rs5,000 note design finalized, launched in 2005",
    "Pakistan Remittance Initiative (PRI) subsidized by government"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Business Recorder",
        "title": "SBP mulls discontinuing Rs10 currency note over rising production cost",
        "url": "https://urgent.news/2026/08/25/sbp-mulls-discontinuing-rs10-currency-note-over-rising-production-cost",
        "published": "2026-08-25T14:45:38.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}