ISLAMABAD (Kashmir English): The State Bank of Pakistan (SBP) is considering discontinuing the Rs10 currency note due to its rising production cost and replacing it with a coin.
The matter was discussed during a meeting of the Senate Standing Committee on Finance chaired by Senator Saleem Mandviwalla, where the central bank’s Deputy Governor, Dr Inayat Hussain, told the Senate body.
Dr Inayat said the cost of printing the Rs 10 note has increased, and the denomination would be discontinued when the new currency notes are introduced. A coin would be issued in its place.
The committee was also informed that the design proposed for the new banknote series had been rejected by a committee headed by the finance minister.
SBP Deputy Governor Dr Inayat Hussain said that, following the committee’s recommendations, new security features and design changes were being incorporated into the proposed currency notes.
The central bank’s Executive Director said that the introduction of new banknotes alone may not completely eliminate the circulation of counterfeit currency.
According to the officials, counterfeit Rs1,000 and Rs5,000 notes are currently among the denominations most frequently reported in circulation.
The committee chairman, Senator Saleem Mandviwalla, said that fake currency was allegedly being dispensed through banks and ATM machines, claiming that the problem had made some shopkeepers reluctant to accept Rs1,000 and Rs5,000 notes.
The SBP deputy governor maintained that the circulation of counterfeit currency in Pakistan was comparatively lower than in several other countries.
