State Bank of Pakistan denies Rs10 note discontinuation rumors

The State Bank of Pakistan (SBP) has denied social media reports claiming the Rs10 currency note is being discontinued. The central bank clarified that no deadline has been set for the exchange or discontinuation of any current currency denomination.

While the SBP has recommended discontinuing the Rs10 banknote, a final decision regarding the denominations of a new series of currency notes rests with the federal cabinet. A ministerial committee, led by the finance minister, has already approved designs for new notes, which are being developed to meet specific security standards. The deputy governor noted that even after cabinet approval, it could take approximately one year to introduce the new currency.

During a Senate Standing Committee on Finance and Revenue meeting, concerns were also raised regarding reports of counterfeit Rs5,000 and Rs1,000 notes being dispensed by ATMs. The SBP advised the public to rely exclusively on official government channels for information regarding currency changes.