The State Bank of Pakistan has rejected social media reports claiming the discontinuation of the Rs10 banknote and a deadline for exchanging it.
The central bank said authorities had taken no decision to replace or discontinue any denomination. Its proposal for a new banknote series remains under consideration by the Federal Cabinet.
“The State Bank of Pakistan (SBP) categorically refutes reports circulating on social media regarding the purported discontinuation of the Rs. 10 banknote and the last date for its exchange. The reports are baseless and have no substance.”
The clarification means the circulating claims do not establish any requirement for people to exchange their Rs10 notes.
New banknote proposal awaits decision
SBP confirmed that it had submitted a proposal to introduce a new banknote series. However, cabinet deliberations continue, and the proposal does not amount to an approved withdrawal of existing currency.
“SBP has submitted a proposal for the introduction of a new banknote series, which is currently under consideration by the Federal Cabinet.”
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The distinction addresses the central issue behind the rumours: planning new currency designs does not automatically discontinue notes already in circulation.
The clarification covers all denominations, rather than only the Rs10 note. SBP announced neither a replacement decision nor an exchange schedule.
Currency redesign process began in 2024
SBP launched the process of designing and issuing a new banknote series on January 30, 2024. That announcement initially covered all seven existing denominations.
The bank explained that central banks generally introduce new series every 15 to 20 years. Such changes help protect currency integrity and incorporate advances in design and security features.
As part of the process, SBP invited local artists, designers and art students to submit ideas through an art competition. It outlined plans for professional banknote designers to develop final printable designs for government approval.
The January announcement also explained that launching a new series involves several stages and coordination among multiple stakeholders.
Crucially, SBP said existing notes would continue circulating even after the introduction of a new series. It envisaged any eventual withdrawal as gradual and phased, once sufficient quantities of new notes entered circulation.
Public urged to follow official announcements
In its latest clarification, SBP reiterated that it would formally announce any future discontinuation through official channels.
“Any such decision, if taken, will be formally communicated to the public through official channels and adequate time will be given to the public for exchange of discontinued banknotes, if any.”
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The statement offers no specific exchange period because authorities have not announced a discontinuation decision. Its assurance concerns the arrangements that would accompany any future withdrawal.
For now, the central bank’s position remains that the reported Rs10 withdrawal and exchange deadline have no basis.
“The public is advised to rely only on official communications issued by SBP.”
