Federal cabinet approves new currency notes, Rs10 coin to replace banknote

Pakistan’s federal cabinet has endorsed redesigned banknotes with stronger anti-counterfeiting features and longer-lasting materials, and approved replacing the Rs10 paper note with a coin. The decision followed recommendations from the Finance Ministry and consultations involving artists, designers and a cabinet committee, Profit by Pakistan Today reported, citing a Prime Minister’s Office statement.

The State Bank of Pakistan had previously proposed ending the paper Rs10 denomination, citing printing costs. Officials said the updated notes could take about one year to reach circulation, but the cabinet has not announced a launch date or a schedule for withdrawing the existing note. The new series has been in development since January 2024, while a Rs3.4 billion paper-machine upgrade by Security Papers Limited was expected to take 18 months from March 2025.