State Bank of Pakistan considers replacing Rs 10 note with coin

The State Bank of Pakistan (SBP) is considering the discontinuation of the 10 rupee currency note, potentially replacing it with a 10 rupee coin. During a briefing to the Senate Standing Committee on Finance, SBP Deputy Governor Dr. Inayat Hussain stated that the decision is driven by the rising production costs of the banknote.

The central bank is also in the process of developing a new series of currency notes featuring enhanced security features. The current designs, which have been in circulation since 2005, are being revised following feedback from a federal cabinet subcommittee. While the new notes are being planned, the implementation may take up to a year following final cabinet approval.

In addition to currency reform, the Senate committee raised concerns regarding the circulation of counterfeit 1,000 and 5,000 rupee notes, noting reports of fake currency appearing in banks and ATMs. Committee Chairman Saleem Mandviwalla also questioned the SBP's procurement processes and the timeline for the rollout of the new banknote designs.