ISLAMABAD: The government has decided to phase out the Rs10 currency note, while the State Bank of Pakistan (SBP) says designs for a new series of banknotes are being finalised with upgraded security features.
The development emerged during a meeting of the Senate Standing Committee on Finance, chaired by Senator Saleem Mandviwalla.
SBP officials told the committee that the Rs10 banknote was being phased out because of its relatively high production cost.
Officials said the Rs5,000 banknote was introduced around 20 years ago and that the new currency notes were being designed with the next two decades in mind.
The SBP said a cabinet committee was finalising designs for the new banknotes, which would incorporate enhanced security features.
Officials also told the committee that producing a Rs1,000 or Rs5,000 banknote currently costs around Rs14.
During the meeting, Mandviwalla raised concerns over delays in introducing the new currency notes.
He recalled that two years ago he had handed three Rs5,000 notes to an SBP deputy governor, one of which he said was counterfeit. According to Mandviwalla, SBP officials were unable to identify the fake note at the time and had still not returned the three notes.
His remarks drew laughter during the committee meeting.
Mandviwalla also questioned the pace of work on the new banknote series, saying the consultant involved in designing the currency had also been awarded the printing contract.
He criticised the time being taken to complete the process and remarked that the committee’s term could end before the new notes were introduced.
Committee member Anusha Rahman questioned why the SBP was not making greater use of artificial intelligence in the process.
She also raised concerns about the approval procedure for the designs, noting that they had been approved by a cabinet subcommittee and warning that any changes sought at a later stage could further delay the process.
SBP officials, however, said the cabinet committee was in the process of finalising the new currency designs.
They confirmed that the Rs10 banknote would be withdrawn in phases and said enhanced security features were being incorporated into the upcoming banknote series.
The meeting highlighted both the planned changes to the country’s currency notes and concerns among lawmakers over the time being taken to complete the redesign process.
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