State Bank decides to end Rs10 note permanently as printing stopped
Officials told a Senate committee that the decision has been linked to the rising cost of producing the Rs10 banknote.
State Bank Deputy Governor Dr Inayat Hussain said a request has been made to stop printing the Rs10 note. He said the note will be removed when new currency notes are printed in the future.
New currency designs under review
The Senate Standing Committee on Finance was briefed about the planned new currency notes. Officials said a committee led by the finance minister had rejected the central bank’s earlier designs.
New features and design changes are now being considered based on recommendations from the committee. A fresh design will be prepared before the new notes are issued.
Fake currency raises concerns
The central bank’s executive director said the new notes may also face challenges in controlling counterfeit currency. He said fake Rs1,000 and Rs5,000 notes are currently among the most common counterfeit notes in circulation.
Committee Chairman Saleem Mandviwalla said fake currency was reportedly coming out of banks and ATMs. He said the problem had become so serious that some shopkeepers were refusing to accept Rs5,000 and Rs1,000 notes.
New banknotes planned
The State Bank deputy governor said Pakistan has a lower circulation of counterfeit currency compared with other currencies. Mandviwalla said the current currency series started being printed in 2005 and a completely new series will now be introduced.
He also said the State Bank has signed an agreement with a consultant company to design the new banknotes. The planned changes are expected to bring new features and designs to Pakistan’s currency.
The decision to replace the Rs10 note with a coin is mainly linked to its higher production cost. A coin can generally remain in use for longer than a low-value paper note.
The bigger change will come with the planned new currency series. The government and State Bank will also face pressure to improve security features and reduce the circulation of counterfeit notes.
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