Cabinet approves new banknote designs, Rs10 note to be replaced by coin

ISLAMABAD: The federal cabinet approved new banknote designs at its meeting on Wednesday. It also decided to issue a Rs10 coin in place of the Rs10 paper note. Prime Minister Shehbaz Sharif chaired the meeting.

According to a statement from the Prime Minister’s Office, the cabinet gave the approval on the recommendation of the Ministry of Finance. The new notes will carry advanced security features to prevent counterfeiting. Better material will be used to make them last longer.

The cabinet was told that artists and designers across the country had been invited to submit proposals for the design of the notes. A special committee set up by the prime minister finalised the designs after detailed consultation with the parties concerned.

The State Bank of Pakistan had earlier proposed ending the Rs10 paper note, citing the cost of printing.

The government has not given a date for issuing the new notes or any schedule for withdrawing the existing notes.

At the same meeting, the cabinet also ratified the defence cooperation agreement between Pakistan and Kuwait. The agreement was signed on 11 June 2023.