Web Desk: The State Bank of Pakistan has dismissed reports circulating on social media that the Rs10 currency note is being withdrawn and that authorities have announced a deadline for exchanging existing notes.
The central bank said Thursday that the claims have no basis and urged the public to rely on its official announcements for information about any changes to the country’s currency.
The SBP said it has put forward a proposal for a new series of banknotes, but the matter remains under consideration by the federal Cabinet.
The central bank stressed that no final decision has been made to replace or withdraw any particular denomination.
As a result, people holding Rs10 notes do not currently face an officially announced exchange deadline, according to the SBP’s clarification.
The central bank said any decision to discontinue a denomination would be formally announced through its authorised communication channels.
It also said the public would receive sufficient time to exchange notes if any denomination is eventually withdrawn from circulation.
The SBP therefore advised citizens to disregard unverified social media posts and check official communications before taking any action.
The clarification follows earlier remarks by SBP Deputy Governor Dr Inayat Hussain, who told a Senate finance committee that the central bank was examining the future of the Rs10 note because of increasing production costs.
During the briefing, Hussain said the SBP had previously made two attempts to withdraw the denomination.
The comments appear to have contributed to speculation online about an imminent discontinuation, although the central bank has now made clear that no such decision has been finalised.
The SBP’s broader proposal involves introducing a new series of Pakistani banknotes. However, the central bank said the proposal remains before the Cabinet and is still being considered.
Until the government reaches a decision and the SBP issues a formal announcement, existing denominations remain subject to the prevailing currency arrangements.
The latest clarification aims to prevent confusion among currency users following the spread of claims online.
The SBP said any future changes involving banknote denominations, including arrangements for exchanging withdrawn notes, would be communicated officially and with adequate time for the public to respond.
For now, the central bank has rejected claims of an announced deadline for exchanging Rs10 notes and said no decision has been taken to discontinue the denomination.
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