The State Bank plans to replace the Rs10 note with a coin to reduce costs and prevent counterfeit currency.
Islamabad: (RightNow) The State Bank proposes to discontinue the Rs10 currency note. A Rs10 coin will be issued instead. According to State Bank officials, producing the Rs10 note incurs high costs.
On Tuesday, during a Senate Finance Committee meeting, State Bank officials provided information on new currency note designs and costs. The committee was informed that proposals for the new design were given under the Finance Minister’s chairmanship.
Deputy Governor of the State Bank, Inayat Hussain, stated that modern security features will be included to prevent counterfeit currency. However, completely eliminating fake notes will not be possible.
The committee chairman revealed that some counterfeit notes are emerging from banks, causing shopkeepers to avoid accepting Rs1,000 and Rs5,000 notes.
It is noteworthy that in February, the State Bank also announced the introduction of new designs and security features for notes ranging from Rs10 to Rs5,000. The new notes will be issued in phases.
