Rs10 banknote to replace coin as PM okays new currency designs
The federal cabinet has approved the removal of the existing Rs10 banknote and the introduction of redesigned currency notes with improved security features.
Federal cabinet approves currency changes
The decisions were taken during a federal cabinet meeting chaired by Prime Minister Shehbaz Sharif on Wednesday. The cabinet approved the new currency designs on the recommendation of the Ministry of Finance.
Officials informed the meeting that the government had invited artists and designers from across Pakistan to suggest new banknote designs. A special committee formed by the prime minister also held discussions with relevant departments and other stakeholders.
The cabinet received a detailed briefing about the proposed changes. It was told that modern materials and improved security features would be used to make the new notes more difficult to copy.
Rs10 banknote to be replaced with coin
The federal cabinet also approved the introduction of a Rs10 coin to replace the existing Rs10 banknote. The State Bank of Pakistan (SBP) had earlier suggested this change because producing Rs10 notes had become relatively expensive.
SBP Deputy Governor Dr Inayat Hussain informed the Senate Standing Committee on Finance in August that manufacturing Rs10 notes was costly. He said a Rs10 coin could be introduced as a more practical replacement.
The change is expected to happen gradually after the redesigned banknotes are introduced. However, the government has not announced a final date for withdrawing the existing Rs10 notes.
New banknotes to have stronger security features
The currency redesign project aims to improve security and reduce the risk of fake banknotes. The new notes are expected to include advanced security threads and other modern features to prevent counterfeiting.
Earlier, the federal cabinet had approved redesigned versions of Rs100, Rs500, Rs1,000 and Rs5,000 banknotes. International experts have also been involved in the process to help improve the designs and security standards.
The proposed designs will also highlight Pakistan’s history, culture and diversity. They are expected to include historical landmarks, regional identities, women's contributions to national development and themes related to climate change.
SBP advises public against rumours
The State Bank has not announced any immediate deadline for withdrawing or exchanging the existing banknotes. People will be given enough time to exchange their money if any currency denomination is officially discontinued.
In a clarification issued on September 17, the SBP said it would formally announce any decision about withdrawing a banknote. The central bank also advised people not to believe rumours on social media and to follow its official announcements.
Replacing the Rs10 banknote with a coin could help reduce the cost of producing and replacing currency. The new banknotes may also make Pakistan’s currency safer and more durable.
However, people do not need to rush to exchange their existing notes. They should wait for an official announcement from the State Bank about the introduction of new currency and the withdrawal process.
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