The State Bank of Pakistan (SBP) has decided to stop printing the Rs10 currency note in future. According to reports on Tuesday, the note will be replaced with a Rs10 coin.
The matter was discussed during a meeting of the Senate Standing Committee on Finance. The meeting was chaired by Senator Saleem Mandviwalla.
Will Rs10 note to be replaced
SBP Deputy Governor Dr Inayat Hussain briefed the committee about the new currency notes.
He said the State Bank has requested the government to remove the Rs10 note from the currency system.
He added that the note will not be printed when the new series of currency notes is issued.
Dr Inayat said the cost of producing the Rs10 note has increased. This is one of the reasons behind the decision to replace it with a coin.
The committee was also told that the design of the new currency notes had been rejected by a committee headed by the finance minister.
Dr Inayat said changes are now being made to the design based on the committee’s suggestions. New security features will also be considered.
Will fake currency notes still remain a problem?
SBP officials told the committee that fake currency could still remain a problem even after the new notes are introduced.
According to the officials, fake Rs1,000 and fake Rs5,000 notes are currently the most common counterfeit notes in circulation.
Saleem Mandviwalla raised concerns over fake currency coming from banks and ATMs.
He said the problem has become so serious that some shopkeepers are refusing to accept Rs1,000 and Rs5,000 notes.
The SBP deputy governor said the circulation of fake currency in Pakistan is still lower compared with some other countries.
What will be the new currency design?
Mandviwalla said the current currency notes have been in use since 2005 and the country will now move towards a completely new series.
He said the State Bank has signed an agreement with a consultant company to design the new notes.
The committee chairman also claimed that the State Bank owes Rs15,000 to the consultant company. He said the payment has not been made for two years.
Mandviwalla added that the State Bank was given three currency notes two years ago, but they have still not been returned.