SBP Denies Reports of Rs10 Banknote Discontinuation

KARACHI: The State Bank of Pakistan (SBP) on Thursday denied social media reports claiming that the Rs10 banknote is being phased out or has a fixed deadline for discontinuation.

The central bank said the reports circulating on social media were baseless and without substance.

The SBP clarified that it has proposed introducing a new series of banknotes. The proposal is currently under consideration by the Federal Cabinet.

The central bank said no decision has been taken to replace or discontinue any denomination, including the Rs10 banknote.

“Any such decision, if taken, will be formally communicated to the public through official channels,” the SBP said.

It added that the public would be given adequate time to exchange any banknotes that are formally discontinued.

The clarification follows remarks made by SBP Deputy Governor Dr Inayat Hussain before the Senate Standing Committee on Finance and Revenue on August 25.

According to reports, Hussain told the committee that the SBP was considering a phased withdrawal of the Rs10 banknote due to rising printing costs.

The SBP is also developing a new design for the Rs5,000 banknote. The proposed design aims to strengthen security features and help prevent counterfeiting.

The central bank’s latest statement makes clear that any changes to the country’s banknote denominations will depend on a formal decision by the relevant authorities.