Rs10 Banknote On Its Way Out As State Bank Prepares New Currency

(MENAFN- Tribal News Network) The State Bank of Pakistan (SBP) has decided to discontinue the Rs10 banknote after new currency notes are issued, replacing it with a Rs10 coin. Deputy Governor State Bank Dr. Inayat Hussain told the Senate Standing Committee on Finance that the cost of producing the Rs10 banknote has increased, prompting the request to replace it with a coin. However, the existing Rs10 notes will not be withdrawn immediately; the change will take effect after the issuance of the new currency notes.

The committee was informed that the designs of the new currency notes prepared by the State Bank had been rejected by a committee headed by the Finance Minister.

According to Dr. Inayat Hussain, changes are being made to the designs and other features of the new notes in light of the committee's recommendations. Additional security features will also be incorporated to help prevent counterfeiting, although completely eliminating fake currency will not be possible.

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Officials said that counterfeit Rs1,000 and Rs5,000 notes are currently in greater circulation.

Committee Chairman Saleem Mandviwalla said complaints had also emerged about counterfeit currency being dispensed by banks and ATMs. Due to the increase in fake notes, some shopkeepers have started refusing to accept Rs1,000 and Rs5,000 notes.

It is worth noting that in February this year, the State Bank had informed the Senate committee about plans to redesign all currency notes from Rs10 to Rs5,000 and introduce modern security features in them.

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