Rs10 Note to Be Discontinued in Pakistan: Govt Plans Rs10 Coin Introduction

Pakistan’s federal cabinet reviews a proposal to replace the Rs10 note with a Rs10 coin. A high-level report recommends the shift due to the note’s short 6-9 month lifespan versus the coin’s 20-30 years. This could save Rs40 to Rs50 billion over 10 years in printing and replacement expenses.

Pakistan’s federal cabinet has started discussions on replacing the Rs10 note with a Rs10 coin. Sources confirm the move aims to save Rs40 to Rs50 billion over the next decade.

Finance Minister Muhammad Aurangzeb heads the committee that submitted the currency management report. The State Bank of Pakistan and Security Printing Corporation prepared it under relevant laws.

The report highlights key facts. A 10-rupee note lasts only 6 to 9 months on average. A 10-rupee coin endures 20 to 30 years. Nearly 35 percent of annual banknotes printed in Pakistan are 10-rupee notes.

This short lifespan drives high costs. Transitioning to coins reduces frequent printing and replacement needs. Experts estimate annual savings of Rs8 to Rs10 billion.

The Institute of Cost and Management Accountants of Pakistan (ICMA) backs these findings. The proposal includes a gradual phase-out of Rs10 note printing over three years if approved.

Existing Rs10 notes will stay legal tender during any transition. The federal cabinet holds the final decision on discontinuing the Rs10 note.

This step aligns with efforts to improve currency management efficiency in Pakistan’s economy.