By Urdu Report Editorial Team
Islamabad: The State Bank of Pakistan (SBP) has recommended phasing out the Rs10 banknote as part of plans to introduce newly designed currency notes. The central bank’s deputy governor shared the development during a meeting of the Senate Standing Committee on Finance and Revenue.
The meeting, chaired by Senator Saleem Mandviwalla, discussed the government’s plans for the issuance and design of new currency notes.
New Currency Note Designs Approved
The deputy governor said the government has formed a ministerial committee, headed by the finance minister, to oversee the design and issuance of the new banknotes.
According to officials, the ministerial committee has already approved the designs of the new currency notes. The State Bank is now working to incorporate modern security features into the notes to strengthen protection against counterfeit currency.
The committee also expressed concern over reports that counterfeit Rs5,000 and Rs1,000 notes had allegedly been dispensed through ATMs.
New Currency Notes May Take a Year
The State Bank’s deputy governor told the committee that the issuance of the new currency notes could take around one year even after approval by the federal cabinet.
He clarified that the recommendation to discontinue the Rs10 banknote has been made by the State Bank, while the federal cabinet will make the final decision regarding the denominations and approval of the new currency notes.
According to officials, the introduction of redesigned banknotes is aimed at improving currency security and incorporating modern anti-counterfeiting measures.
