SBP Clarifies Rs10 Banknote Status, Rejects Discontinuation Rumours
The State Bank of Pakistan (SBP) has rejected reports circulating on social media that the Rs10 banknote is being discontinued or that a deadline has been announced for exchanging the currency.
In its latest clarification, the central bank said the reports are baseless and stressed that no decision has been taken to withdraw the Rs10 note from circulation. The Rs10 denomination remains part of Pakistan’s current legal tender.
No Deadline Announced for Rs10 Notes
The SBP clarified that there is currently no deadline for the public to exchange Rs10 banknotes.
The central bank said any decision concerning the replacement or discontinuation of a banknote denomination would be officially announced through its authorised communication channels. If any banknote is eventually withdrawn, the public would be given sufficient time to exchange it.
The SBP has advised people to avoid relying on unverified information circulating on social media and to check official announcements before taking any action.
New Banknote Series Under Consideration
The clarification comes as the SBP is working on a proposal for a new series of Pakistani banknotes.
According to the central bank, the proposal has been submitted and is currently under consideration by the Federal Cabinet. However, the process does not mean that any particular denomination, including the Rs10 note, has been approved for withdrawal.
The SBP had already started work on a new banknote series in 2024, explaining that new series are introduced to strengthen security features and keep currency technology up to date.
SBP Explains Possible Currency Changes
The central bank has previously stated that introducing a new banknote series involves several stages, including design development, approvals and production.
The existing notes generally remain in circulation while a new series is introduced. Any withdrawal of older notes is normally carried out gradually after sufficient quantities of the replacement currency become available.
This means the current proposal for a new series should not be interpreted as an immediate withdrawal of the Rs10 banknote.
Earlier Discussion Over Rs10 Note
The latest clarification follows earlier discussions about the future of the Rs10 denomination.
During a briefing to the Senate Standing Committee on Finance, SBP Deputy Governor Dr Inayat Hussain had discussed the possibility of discontinuing the Rs10 note because of increasing production costs.
However, the current SBP statement makes clear that no final decision has been taken to discontinue the Rs10 banknote.
Public Advised to Follow Official Updates
The SBP has urged citizens to rely on official announcements for information about currency changes.
At present, the Rs10 note remains legal tender in Pakistan, and there is no announced deadline for exchanging it. Any future decision regarding the denomination or the introduction of a new banknote series will be communicated officially by the central bank and relevant government authorities.
