ISLAMABAD (Kashmir English): The Deputy Governor of the State Bank said that a request has been made to abolish the Rs 10 currency note. In the future, the Rs 10 note will not be printed in the new notes, and a coin will be issued in its place.
The cost of the Rs 10 currency note has increased, based on which this decision was made. When the new currency notes are made, the Rs 10 note will be abolished.
In the meeting of the Senate Standing Committee on Finance, Deputy Governor of the State Bank Dr. Inayat Hussain gave a briefing regarding the new currency notes.
It was informed in the meeting that the design of the new notes of the central bank has been rejected by the committee formed under the chairmanship of the Finance Minister, and suggestions for new features and changes in the design are being included on the recommendation of the committee.
The Executive Director of the Central Bank said that counterfeit notes will not be able to be controlled in the new notes either. At present, counterfeit notes of Rs 1,000 and Rs 5,000 are in the highest circulation.
Chairman of the committee, Saleem Mandviwala, revealed that fake currency is coming out of banks and ATM machines; fake notes have increased so much that shopkeepers no longer accept Rs 5,000 and Rs 1,000 notes.
The Deputy Governor of the State Bank said that the circulation of fake currency is less in Pakistan compared to other currencies.
Chairman of the committee, Saleem Mandviwala, said that the current currency started printing in 2005; now all the new notes will be there. He said that an agreement has been made with the consultant’s company to design the notes.
