The State Bank of Pakistan (SBP) is considering discontinuing the Rs. 10 currency note due to the increasing cost of producing and maintaining low-denomination paper currency.
SBP Deputy Governor Dr Inayat Hussain informed the Senate Standing Committee on Finance that the central bank had already made two previous attempts to phase out the Rs. 10 note.
The denomination could eventually be withdrawn once Pakistan introduces a new series of currency notes.
According to the briefing, Pakistan’s current currency series has been in circulation since 2005. The SBP is now working on a redesigned series featuring enhanced security measures to strengthen the currency against counterfeiting and improve its overall durability.
The proposal to introduce the new currency series and make related changes has also been discussed twice by the federal cabinet.
If approved and implemented, the move could mark another major change in Pakistan’s currency system, particularly for everyday cash transactions involving smaller denominations.
