National ( The cow news digital )
ISLAMABAD: The federal government has decided to phase out the Rs 10 currency note, while the State Bank of Pakistan (SBP) is finalizing the redesign of all circulating banknotes, officials confirmed during a Senate Standing Committee on Finance meeting chaired by Senator Saleem Mandviwalla.
Addressing the committee, SBP officials explained that the production cost of paper currency, particularly lower-denomination notes, has increased significantly. Consequently, the central bank proposed phasing out the Rs 10 paper note in favor of coins. Officials noted that higher-denomination notes like the Rs 1,000 and Rs 5,000 currently cost around Rs 14 per note to manufacture. They added that the existing Rs 5,000 note was designed two decades ago, and the new currency series is being engineered to remain operational for the next 20 years with advanced security features.
During the meeting, Committee Chairman Saleem Mandviwalla raised concerns over delays in finalizing the new designs, humorously noting that the central bank had yet to issue the new currency series after two years of preparation. SBP representatives clarified that the designs are currently undergoing final approval through a dedicated Cabinet sub-committee. Committee member Anusha Rahman emphasized the need for modernized processes, suggesting the SBP leverage artificial intelligence tools to accelerate design and verification workflows.
