For many Pakistanis, especially millennials, the Rs10 note once felt like real money. It could buy a packet of biscuits, a cold drink, school snacks or even cover a short bus fare. Today, it is difficult to find much at a neighbourhood shop that costs just Rs10.
Now, the familiar banknote could be heading towards retirement.
The State Bank of Pakistan has indicated that it may phase out the Rs10 note as part of its plan to introduce a new series of banknotes with improved security features.
Speaking before the Senate Standing Committee on Finance, SBP Deputy Governor Dr Inayat Hussain said the central bank had twice considered withdrawing the Rs10 note in the past, but neither proposal was implemented. He said the issue could be reviewed again after the launch of the redesigned currency because the cost of printing the denomination has continued to increase.
Pakistan’s current banknote series has been in circulation since 2005. The SBP is now preparing a fresh set of notes that will include stronger security features to reduce the risk of counterfeiting. Officials told the committee that the proposed designs have already been discussed twice by the federal cabinet, while another committee has suggested changes before final approval.
The meeting also saw questions over how a company linked to a consultant was selected for the banknote design project.
Committee chairman Senator Saleem Mandviwalla asked why the work was awarded without an open bidding process and said the central bank should continue to follow the required rules despite its institutional independence. An SBP executive director responded that the consultant’s associated company had been engaged to handle the design work and related tasks.
Lawmakers also discussed counterfeit currency. SBP officials told the committee that fake banknotes in circulation have declined, but Mandviwalla asked the central bank to provide data to support that claim.
No final decision has been taken on withdrawing the Rs10 note. However, the discussion signals that one of Pakistan’s longest serving banknotes could soon become part of history, reflecting not only the country’s move towards more secure currency but also the shrinking buying power of a denomination that once carried far greater value in everyday life.
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