Islamabad (Commerce Desk) – The federal cabinet has approved the introduction of a coin to replace the Rs10 paper currency note, while also approving the designs for a new series of currency notes.
The decision was taken during a federal cabinet meeting on the recommendation of the Ministry of Finance. According to a statement issued by the Prime Minister's Office, the cabinet was also given a detailed briefing on the proposed designs of the new currency notes.
It is worth mentioning that in September, the State Bank had denied reports circulating on social media claiming that the Rs10 note was being discontinued and that a deadline had been set for exchanging it.
At the time, the State Bank clarified that a proposal to introduce a new series of currency notes was under consideration by the federal cabinet and that no decision had been made to discontinue any denomination. The central bank also stated that if a decision was made to withdraw any currency note, the public would be officially informed and given sufficient time for its exchange.
Earlier, State Bank Deputy Governor Dr. Inayat Hussain had informed the Senate Standing Committee on Finance that discontinuing the Rs10 note was under consideration because the cost of producing it had been continuously increasing.
He had also explained that the central bank had previously attempted to discontinue the note twice. However, the federal cabinet's recent decision does not clarify when the existing Rs10 note will cease to be legal tender or what the final deadline for exchanging it will be.