The State Bank of Pakistan (SBP) on Thursday denied speculation on social media claiming the Rs. 10 banknote may be discontinued, or that a deadline has been set for exchanging the notes.
In a statement, the central bank said it categorically refutes reports circulating on social media regarding the purported discontinuation of the Rs. 10 banknote and the last date for its exchange. “The reports are baseless and have no substance,” it said.
“The SBP has submitted a proposal for the introduction of a new banknote series, which is currently under consideration by the cabinet,” read the statement. “The matter remains under deliberation, and no decision has been taken regarding the replacement or discontinuation of any denomination,” it added.
“Any such decision, if taken, will be formally communicated to the public through official channels, and adequate time will be given to the public for the exchange of discontinued banknotes, if any. People are advised to rely only on official communications issued by the SBP,” it clarified further.
The central bank’s statement follows remarks from senior officials claiming the matter of discontinuing the Rs. 10 currency note is under consideration due to its “rising production cost.” Briefing the Senate Standing Committee on Finance, the deputy governor of the SBP noted the there had been two previous attempts to discontinue the Rs. 10 currency note.