ISLAMABAD: Prime Minister Shehbaz Sharif’s cabinet approved replacing the Rs10 banknote with a coin on Wednesday, while endorsing new currency designs without setting a withdrawal date.
The Ministry of Finance recommended the redesigned banknotes. The Prime Minister’s Office said the cabinet approved them after reviewing proposals from artists and designers across Pakistan.
A cabinet committee appointed by Sharif had consulted stakeholders before the meeting. New notes will carry additional safeguards against counterfeiting. Officials also plan to use modern materials to extend their lifespan.
The Rs10 banknote remains legal tender. Authorities have not announced when the replacement will begin or set a deadline for exchanging existing notes.
Read: New Pakistani Currency Notes Await Federal Approval, Says SBP
In September, the State Bank of Pakistan (SBP) rejected social media claims that the denomination had already been discontinued.
Read: Rs10 Note in Pakistan Remains Valid, SBP Rejects Reports
At the time, the central bank explained that its proposed new banknote series was awaiting cabinet consideration. It promised formal public notice and sufficient time to exchange any banknotes withdrawn in the future.
Read: Pakistan Reviews Rs 10 Note Replacement Plan to Cut Printing Costs
Earlier, SBP Deputy Governor Dr Inayat Hussain told the Senate Standing Committee on Finance that officials were considering phasing out the note because of rising production costs.
He disclosed that the central bank had previously made two unsuccessful attempts to discontinue the paper denomination. Officials have yet to announce a launch date for the redesigned notes or the replacement coin.
With additional input from Investify
