Federal Cabinet Approves New Currency Note Designs, Phases Out Rs. 10 Banknote
The federal cabinet has approved new designs for Rs. 50, 100, 500, 1,000, and 5,000 notes and decided to replace the Rs. 10 banknote with a coin. The State Bank of Pakistan will announce the rollout schedule.
The federal cabinet has given its approval for the designs of Pakistan's new currency notes in denominations of Rs. 50, Rs. 100, Rs. 500, Rs. 1,000, and Rs. 5,000, according to sources. The cabinet also approved the discontinuation of the Rs. 10 banknote, which will be gradually replaced by a coin.
The decision paves the way for introducing redesigned notes across the country, but existing notes will not be withdrawn immediately. The State Bank of Pakistan (SBP) will announce the schedule for launching the new notes and phasing out the old designs from circulation.
The new designs cover five existing denominations, while the Rs. 10 denomination will be issued as a coin instead of a banknote. The transition will take place in phases, with the central bank responsible for announcing the implementation timeline and details of the withdrawal process.
The SBP initially approved the new designs earlier this year, but the cabinet sent them back for changes at that time. The latest approval follows those revisions.
The move is part of efforts to modernize Pakistan's currency and improve security features. The SBP will provide further details on the rollout and withdrawal process in due course.
