Pakistan approves Rs10 coin rollout as currency redesign advances

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Pakistan Rs10 coin rollout

Highlights

Pakistan's federal cabinet approves introduction of a Rs10 coin to replace the Rs10 banknote and new designs for all currency notes.
The State Bank of Pakistan will withdraw the Rs10 banknote due to production cost concerns, with new notes expected to enter circulation within one year.
Security Papers Limited awards Rs3.4 billion paper machine upgrade contract to Giesecke+Devrient in March 2025, with completion expected in 18 months.

Cabinet backs coin replacement and new note designs

As reported by Business Recorder, citing the Prime Minister’s Office, the federal cabinet approves the introduction of a Rs10 coin to replace the existing Rs10 banknote at a meeting chaired by Prime Minister Shehbaz Sharif on Wednesday. The cabinet also approves the designs of new currency notes on the recommendation of the Ministry of Finance.

Officials tell the meeting that proposals are invited from artists and designers across the country, while a cabinet committee formed by the prime minister holds consultations with stakeholders. The new banknotes are set to include enhanced security features to deter counterfeiting, and modern materials are to be used to improve durability and extend their service life.

Central bank cost concerns shape the transition

The move to replace the Rs10 note follows a proposal from the State Bank of Pakistan to discontinue the denomination because of rising production costs. In August, SBP Deputy Governor Dr Inayat Hussain tells the Senate Standing Committee on Finance and Revenue that the central bank proposes withdrawing the Rs10 banknote after the new currency notes enter circulation.

The committee is also told that introducing the new banknotes into circulation would require about one year. According to a Senate Secretariat statement, the printing cost of a Rs5,000 banknote is approximately Rs14.

During the meeting, the SBP deputy governor says the existing Rs5,000 banknote was introduced in 2005 and that technological advances have made counterfeiting easier. The central bank initiated the process of designing and issuing a new series of banknotes covering all existing denominations in January 2024, launched an art competition in March 2024, and announced the winners in September 2024.

In March 2025, Security Papers Limited awarded a Rs3.4 billion paper machine upgrade project to German firm Giesecke+Devrient, with completion expected within 18 months. The cabinet also ratifies decisions taken by the Cabinet Committee on State-Owned Enterprises at its October 26 meeting and by the Cabinet Committee for Legislative Cases at meetings held between January and September 2026.

Our earlier coverage of Pakistan’s Tax Year 2026 income tax filing deadline explained why tax experts and business groups were urging the Federal Board of Revenue to grant more time after the final return form notification and ongoing IRIS portal glitches. The article detailed legal arguments for a December extension, requests from chambers of commerce, and concerns that unresolved technical and procedural hurdles could expose compliant taxpayers to penalties.

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