Overview
- SBP Deputy Governor Dr Inayat Hussain told the Senate Standing Committee on Finance on Tuesday that the central bank has formally proposed discontinuing the Rs10 banknote and issuing a Rs10 coin instead.
- The bank says the change would not remove existing Rs10 notes immediately and would be implemented only when the new currency series is rolled out after final approvals.
- A finance-minister-led committee rejected the initial note designs and recommended revisions, so design changes are being incorporated and a federal cabinet subcommittee is now reviewing them.
- Senator Saleem Mandviwalla and committee members raised procurement concerns, saying a consultant’s firm was awarded design work without a normal open bidding process and asking the SBP for full details.
- The move responds to rising production costs and could lower printing bills, but it may affect everyday cash use for low-value transactions and will depend on the timing of the redesigned Rs100–Rs5,000 notes entering circulation.