ISLAMABAD: The State Bank of Pakistan (SBP) has recommended discontinuing the Rs10 banknote, the central bank’s deputy governor told the Senate Standing Committee on Finance and Revenue.
The committee, chaired by Senator Saleem Mandviwalla, was also briefed on plans to introduce redesigned currency notes and concerns over counterfeit Rs5,000 and Rs1,000 notes reportedly being dispensed through ATMs.
The deputy governor said a ministerial committee, headed by the finance minister, had approved designs for the new currency notes. However, even after federal cabinet approval, the new notes could take another year to enter circulation.
The SBP has recommended removing the Rs10 denomination, while the federal cabinet will make the final decision on the denominations to be introduced.
The deputy governor also revealed that producing a Rs5,000 note costs around Rs14. Officials said the currency production system would be revamped with stronger security measures to significantly reduce counterfeit notes.
Senator Mandviwalla questioned the appointment of consultants for currency-note design and demanded details of the tendering process. He also called for a briefing from an international banknote printing company.
Senator Shahzeb Durrani expressed concern over the two-year delay in the project, while Mandviwalla questioned whether the new system would provide adequate protection against counterfeit currency.
Officials said banknote designs are initially prepared manually before being processed through specialized machines for production. The committee sought further details on the tendering process and measures to prevent fake currency from entering circulation through banks.
