By Urdu Report Editorial Team
Islamabad (August 25, 2026) The State Bank of Pakistan (SBP) is considering a proposal to withdraw the Rs10 paper banknote from circulation. During a briefing to the Senate Standing Committee on Finance, SBP Deputy Governor Dr. Inayat Hussain said rising printing costs were among the reasons behind the proposal to discontinue the Rs10 paper note.
Why Is the Rs10 Banknote Being Considered for Withdrawal?
According to the deputy governor, the cost of printing paper currency has been increasing continuously. As a result, the central bank is considering withdrawing the Rs10 banknote from circulation.
He said the existing Rs10 note could potentially be phased out when a new currency series is introduced.
SBP officials also informed the committee that attempts had previously been made twice to discontinue the Rs10 banknote.
New Currency Notes Being Prepared
The Senate Standing Committee was informed that the printing of Pakistan’s existing banknote series has continued since 2005. The central bank is now working on introducing redesigned currency notes featuring modern security features.
According to officials, the proposed new designs are currently under consideration by the federal cabinet and its subcommittee. However, approval of the new designs has reportedly remained pending with the Ministry of Finance for the past year.
Questions Raised Over Currency Note Designs
Committee Chairman Senator Saleem Mandviwalla raised concerns over awarding the contract for designing the new currency notes to the same company without competitive bidding.
He said that although the State Bank is an autonomous institution, it must ensure transparency and comply with applicable legal and regulatory requirements.
Committee Seeks Data on Counterfeit Currency
During the briefing, the SBP deputy governor also claimed that the circulation of counterfeit currency in the country was relatively low.
The committee chairman, however, asked the State Bank officials to provide verified data supporting the claim.
Committee members also raised questions about security features on currency notes and measures being taken to prevent counterfeit currency.
Interesting Exchange Over Public Preference for New Notes
The meeting also included a discussion about the design of the new currency notes and whether the public would like them.
Senator Anusha Rahman made a light-hearted remark, saying that people tend to like money regardless of its design.
Senator Shahzaib Durrani, meanwhile, remarked that there is generally no question of personal preference when it comes to currency.
Is the Rs10 Banknote Being Withdrawn Immediately?
No final decision has been made to immediately withdraw the Rs10 banknote. The State Bank is currently considering the proposal, and a final decision could be taken when the new currency series is introduced.
For now, the Rs10 banknote remains legal tender and can continue to be used. There has been no announcement declaring the existing Rs10 note invalid or unacceptable.
