Business
SBP considers phasing out Rs10 note
The State Bank of Pakistan (SBP) is considering phasing out the Rs10 banknote as printing costs rise, while work is under way on a redesigned Rs5,000 note aimed at making counterfeiting more difficult.
According to a news report, the development emerged during a meeting of the Senate Standing Committee on Finance and Revenue, chaired by Senator Saleem Mandviwalla, where Deputy Governor Dr Inayat Hussain briefed members on currency security and proposed changes to banknote denominations.
Dr Hussain said the Rs5,000 note, first introduced in 2005, was being redesigned as advances in technology had made counterfeiting easier. A tender was issued for the design process, with four bidders participating, and a consultant firm was subsequently awarded the contract.
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