KARACHI: The State Bank of Pakistan on Thursday dismissed reports circulating on social media that the Rs10 banknote is being discontinued or that a deadline has been announced for exchanging the notes.
The central bank said the claims were “baseless and have no substance,” clarifying that no decision has been made to replace or discontinue the Rs10 note or any other denomination.
The SBP said it has submitted a proposal for a new series of banknotes, which is currently under consideration by the federal Cabinet. The proposal remains under review, and no final decision has been taken regarding the replacement or discontinuation of any denomination.
The central bank said any decision to discontinue a banknote, if approved, would be formally announced through its official channels. It added that the public would be given adequate time to exchange any notes that are eventually withdrawn from circulation.
The SBP urged the public to rely only on official communications and avoid acting on unverified information shared on social media.
The clarification comes after earlier discussions over the possible discontinuation of the Rs10 note because of its rising production cost. SBP Deputy Governor Dr. Inayat Hussain had previously told the Senate Standing Committee on Finance that the central bank was considering a new series of currency notes.
Hussain said the SBP had twice attempted to discontinue the Rs10 banknote in the past while briefing the committee on the proposed currency changes.
For now, the central bank has made clear that no decision has been taken to discontinue the Rs10 note or set an exchange deadline.
