SBP considers phasing out Rs10 note, prepares new Rs5,000 design to curb counterfeiting

The State Bank of Pakistan (SBP) is considering withdrawing the Rs10 banknote because printing costs are rising, according to Profit. The same briefing covered a redesigned Rs5,000 note intended to make forgeries harder to produce. Deputy Governor Dr Inayat Hussain outlined these plans to the Senate Standing Committee on Finance and Revenue, which is chaired by Senator Saleem Mandviwalla.

Dr Hussain said the Rs5,000 note, introduced in 2005, is being redrawn because new technology eases forgery. A tender drew four bidders before a consultancy firm won the contract, which is now making the required changes. The design still needs federal government approval, after which introducing the notes could take about a year. At present, each Rs5,000 note costs about Rs14 to print.

Senator Mandviwalla asked for details of the bidding process and expressed concern about counterfeit notes in circulation. He pointed out that Rs5,000 notes sent to the SBP almost two years back still lack a response. Senator Anusha Rahman urged a faster approval route, warning that repeated referrals could delay minor changes. Earlier this year, the SBP had sent finished designs for a fresh banknote set with stronger safeguards to the federal cabinet.