Govt Keeps Rs 10 Note in Circulation, Rejects SBP Plan to Scrap It

The federal government has decided to keep the Rs10 banknote in use. The cabinet reviewed a proposal to scrap the note and turned it down. The Rs 10 note will stay legal tender and remain in circulation.

The State Bank of Pakistan (SBP) had asked the government to stop printing the Rs 10 note. SBP Deputy Governor Dr Inayat Hussain told the Senate Standing Committee on Finance in August that printing costs for the note had gone up. He said the SBP wanted to replace it with a Rs 10 coin instead. He also told the committee the SBP had tried twice before to discontinue this note.

This plan was part of a bigger move. The SBP is working on a brand-new currency series for several denominations. The current notes have been in print since 2005. The new series will carry stronger security features to fight counterfeiting.

In September, rumours spread on social media that the Rs 10 note had already been discontinued. The SBP rejected these claims. It said no final decision had been made and called the reports baseless. The bank said any decision on withdrawing a note would be announced officially, with enough time given to the public to exchange old notes.

The matter went before the federal cabinet for a final call. After reviewing the proposal, the cabinet chose to retain the Rs10 note rather than phase it out. Work on the wider new currency series is still moving ahead separately.