SBP clears air on Rs10 banknote discontinuation claims

The State Bank of Pakistan (SBP) on Thursday denied social media rumours claiming that the Rs10 banknote is being 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 Rs10 banknote and the last date for its exchange. 

“The reports are baseless and have no substance,” the SBP said.

“The SBP has submitted a proposal for the introduction of a new banknote series, which is currently under consideration by the Cabinet,” it said.

"The matter remains under deliberation, and no decision has been taken regarding the replacement or discontinuation of any denomination," the press release added.

The SBP further said: "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."

The central bank's clarification comes months after SBP Deputy Governor Dr Inayat Hussain told the Senate body that the central bank is considering discontinuing the Rs10 currency note due to its “rising production cost”.

Briefing the Senate Standing Committee on Finance on the proposed new currency notes, Dr Hussain said the SBP had twice previously attempted to discontinue the Rs10 currency note.