KARACHI: The State Bank of Pakistan (SBP) has dismissed reports circulating on social media that the Rs10 currency note is being withdrawn or that a deadline has been announced for exchanging it.
In a clarification issued on Thursday, the central bank said the reports regarding the alleged discontinuation of the Rs10 note and a final date for its exchange were baseless.
The SBP said it had proposed the introduction of a new series of banknotes, but the proposal was still being reviewed by the federal Cabinet.
“No decision has been taken so far on replacing or withdrawing any particular denomination,” the central bank said.
It added that any decision concerning the discontinuation of a currency note would be officially announced through the SBP’s authorised communication channels. In such a case, the public would also be provided sufficient time to exchange the affected notes.
The central bank urged the public to avoid relying on unverified social media reports and to follow only official announcements issued by the SBP.
The clarification follows remarks made several months ago by SBP Deputy Governor Dr Inayat Hussain before a Senate committee, where he said the central bank was considering withdrawing the Rs10 note because of its increasing production cost.
While briefing the Senate Standing Committee on Finance on plans for a new banknote series, Dr Hussain had said the SBP had previously made two attempts to discontinue the Rs10 denomination.
