Pakistan reviews proposal to phase out Rs10 currency note, introduce coin instead

2026-02-27 - 06:43

ISLAMABAD – The federal cabinet has reviewed a proposal to phase out the Rs10 banknote and introduce a coin in its place, a move officials say could generate significant long-term savings for the national exchequer. The cabinet had constituted a high-level committee under the supervision of the finance minister to examine whether the Rs10 note should be discontinued and to submit detailed recommendations. According to official sources, the committee has forwarded its currency management report to the cabinet for consideration. The report was prepared in consultation with the State Bank of Pakistan and the Security Printing Corporation of Pakistan in accordance with applicable currency management laws. The findings showed that the average lifespan of a Rs10 banknote ranges between six to nine months, while a Rs10 coin can remain in circulation for 20 to 30 years. Around 35 per cent of the total banknotes printed annually in Pakistan consist of Rs10 notes, contributing substantially to recurring printing costs. The report estimated that replacing the Rs10 note with a coin could save between Rs40 billion and Rs50 billion over a 10-year period. The final decision on the proposal would be taken by the federal cabinet after reviewing the committee’s recommendations.