SBP plans new currency notes, Rs10 may be phased out

According to Mettis Global, the State Bank of Pakistan is pursuing a redesigned set of banknotes with stronger anti-counterfeiting features, and the existing Rs10 note could be pulled from circulation because printing it has become more expensive. The SBP told the Senate Standing Committee on Finance that it had weighed scrapping the Rs10 denomination twice before, though neither attempt went ahead. Deputy Governor Dr. Inayat Hussain said the question could be reopened once the new series is issued.

SBP officials said the current series has been circulating since 2005, and the proposed designs have already been discussed twice at Cabinet level. Senator Saleem Mandviwalla asked why a design contract went to a consultant's associated company without competitive bidding, and an SBP executive director defended the arrangement. Officials also said fake notes in circulation had declined, and the committee asked the central bank to submit supporting data.