KARACHI, Sindh: The Rs10 note in Pakistan has not been discontinued. The State Bank of Pakistan said this on September 17. The bank rejected social media reports claiming a deadline to withdraw or exchange it.
The central bank said it had not decided to replace or discontinue any banknote denomination. It described reports about the purported withdrawal of the Rs10 note and a last date for exchanging it as baseless.
SBP said the Federal Cabinet is still considering its proposal for a new series of Pakistani banknotes. Any decision affecting an existing denomination would be announced formally through official channels, it added.
The central bank said the public would receive adequate time to exchange banknotes if any denomination were eventually withdrawn. Furthermore, it advised people to rely on official SBP communications for currency-related information.
The clarification followed discussion in August over the future of the Rs10 banknote. SBP Deputy Governor Dr Inayat Hussain told the Senate Standing Committee on Finance and Revenue that discontinuing the denomination was under consideration. This was because of rising production costs.
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Dr Hussain also told the committee that denomination changes could accompany the introduction of Pakistan’s planned new banknote series. The final composition of that series remains subject to government approval.
