SBP Considers Ending Rs. 10 Note

In practice, the State Bank of Pakistan (SBP) is considering discontinuing the Rs.

Key points

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• The committee was informed that the current banknote series has been in circulation since 2005 and that new notes are being planned with improved security features.
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• The State Bank of Pakistan (SBP) is considering discontinuing the Rs.
• 10 note will be discontinued when the new currency notes are introduced, he remarked.

In practice, the State Bank of Pakistan (SBP) is considering discontinuing the Rs. 10 currency note when a new series of banknotes is introduced, a senior central bank official informed the Senate Standing Committee on Finance on Tuesday.

Notably, the committee was briefed by SBP Deputy Governor Dr. Inayat Hussain on intends to introduce new currency notes with enhanced security features. SBP Reserves Gain $25 Million.

Dr. Hussain remarked the SBP had previously considered withdrawing the Rs. 10 note twice. The central bank is now reconsidering the denomination since its production cost has climbed.

"The Rs. 10 note will be discontinued when the new currency notes are introduced, " he remarked.

Notably, the committee was informed that the current banknote series has been in circulation since 2005 and that new notes are being planned with improved security features.

SBP authorities stated the federal cabinet has discussed the proposed new currency notes twice. After which changes were produced, a cabinet committee was additionally formed to review the designs. The process came under scrutiny during the session.

In practice, the committee sought more info on a firm linked to the consultant hired by the SBP had additionally been selected to design the new currency. An SBP Executive Director informed the committee that the same business would carry out the work.

According to The committee, despite the SBP's autonomy, it must follow applicable rules and procedures.

Notably, the committee chairman additionally triggered concern concerning counterfeit currency, claiming that fake notes were being dispensed through banks and ATMs. He remarked some shopkeepers had become reluctant to accept Rs. 1, 000 and Rs. 5, 000 notes since of worries over counterfeits.

For context, the SBP deputy governor remarked counterfeit currency was not widespread in Pakistan and offered to provide data to the committee.

In practice, the committee chairman remarked SBP had retained three currency notes he had submitted around two years ago for verification. One was counterfeit and two were genuine, but none had been returned. $30 Billion Import Data Discrepancy Forces Pakistan to Revise Figures.

Meanwhile, the SBP deputy governor remarked public acceptability was additionally being considered in the design of the new notes. Senators, nevertheless, questioned whether public preference should influence currency design.

Dr. Hussain remarked a federal cabinet subcommittee is at present reviewing the proposed banknotes. The cabinet has created significant changes to the designs, and the notes will only be issued after those changes are incorporated.

He continued that the SBP had sent the proposed designs to the Ministry of Finance concerning a year ago but had not received a response. Stay Connected with ProPakistani.

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In short, SBP Considers Ending Rs. 10 Note is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.