KARACHI: The State Bank of Pakistan (SBP) is contemplating the discontinuation of the Rs10 banknote, citing increasing production costs, according to Deputy Governor Dr. Inayat Hussain.
During a briefing with the Senate Standing Committee on Finance, Dr. Hussain explained that the SBP had previously attempted twice to retire the Rs10 note and plans to do so once the new notes are introduced. The current series of the Rs10 note has been in circulation since 2005, and the central bank is working on issuing updated notes featuring advanced security elements.
The committee was informed that the federal cabinet had discussed the new currency notes twice, with a committee formed to oversee the design changes. The chairman of the committee, Senator Saleem Mandviwalla, raised concerns over the procurement process, noting that the contract with the design consultant was awarded without a bidding process. An SBP official clarified that the work would be handled entirely by the company associated with the consultant.
Senator Mandviwalla emphasized that, despite SBP’s autonomous status, proper procedures and rules must be followed. Dr. Hussain added that a subcommittee of the federal cabinet is still reviewing the proposed designs, which have seen substantial revisions. The new notes will only be released after final approval of these modifications.
The SBP had earlier submitted the proposed designs to the Ministry of Finance a year ago. The government aims to introduce new banknotes with enhanced security features, including improved security threads, as part of ongoing currency modernization efforts.
It was also disclosed that, by January 2026, the federal cabinet plans to issue new banknotes in denominations of Rs100, Rs500, Rs1,000, and Rs5,000. SBP Deputy Governor Saleemullah stated that the new currency notes are expected to be launched between November and December 2026.
