Cabinet approves new currency note designs, Rs10 coin to replace banknote
The federal cabinet approved designs for new currency notes and a Rs10 coin to replace the Rs10 banknote. The notes will carry added security features and modern material.
- Cabinet approved new currency note designs on the Finance Division's recommendation
- A Rs10 coin will replace the Rs10 banknote
- New notes will have more security features and modern material
- Cabinet also moved some Khyber Pakhtunkhwa chief minister powers to the governor
The federal cabinet on Wednesday approved designs for new currency notes and cleared the introduction of a Rs10 coin in place of the Rs10 banknote. The meeting in Islamabad was chaired by Prime Minister Shehbaz Sharif, according to a statement from the Prime Minister's Office.
The designs were approved on the recommendation of the Finance Division. The cabinet received a detailed briefing on the new notes, TechJuice reported. ProPakistani reported that the approved designs cover denominations including Rs50 and Rs100.
According to the reports, designs were sought from painters and designers across the country, and a cabinet committee consulted stakeholders on them.
The new notes will have more security features and will use modern material to prevent counterfeiting. This will also extend the usable life of the notes, the reports said.
Geo reported that the decision on the Rs10 note comes months after the State Bank of Pakistan dismissed reports that the note would be discontinued.
In the same meeting the cabinet approved moving powers assigned to the Khyber Pakhtunkhwa chief minister to the provincial governor for day-to-day affairs during the province's emergency period. The aim is to ease administrative work and improve governance. The governor must send a monthly review report on the use of these powers to the federal government.
The cabinet also ratified a Pakistan-Kuwait defence cooperation agreement concluded on 11 June 2023, which the Kuwaiti government ratified on 19 July. It further ratified decisions of the Cabinet Committee on State-Owned Enterprises meeting of 26 October and several meetings of the Cabinet Committee on Legislative Cases.
Background
khabr.pk reported on 4 November that Prime Minister Shehbaz Sharif told the same federal cabinet meeting the fuel subsidy will stay in place until December.
Why it matters for Pakistan
Cash is used in daily payments in every household, so new notes and a coin will change what people handle. The Rs10 note, a common small denomination, is to be replaced by a coin. The reports say the new security features and materials are meant to curb counterfeiting and make notes last longer.
