The State Bank of Pakistan (SBP) has dismissed rumours circulating on social media about the alleged discontinuation of the Rs10 banknote and a purported deadline for exchanging it.
The central bank said the reports were “baseless and without substance”, clarifying that no decision had been taken to replace or discontinue any denomination.
The SBP said it had submitted a proposal for the introduction of a new series of banknotes, which is currently under consideration by the Federal Cabinet. The matter remains under deliberation, it added.
The central bank further said that if any decision is taken to discontinue a banknote denomination, it will be formally announced through official channels. Sufficient time will also be provided to the public to exchange any discontinued notes, it added.
On August 25, SBP Deputy Governor Dr Inayat Hussain briefed the Senate Standing Committee on Finance and Revenue, reportedly stating that the central bank was considering a phased withdrawal of the Rs10 banknote due to rising printing costs.
The SBP is also working on a new design for the Rs5,000 banknote aimed at strengthening anti-counterfeiting features.
