Federal cabinet approves new currency note designs, Rs10 coin to replace banknote
Updated on:
The federal cabinet has approved redesigned currency notes with enhanced security features and authorised replacing Pakistan's Rs10 banknote with a coin.
ISLAMABAD (Dunya News) — The federal cabinet has approved new designs for Pakistan's currency notes and authorised the introduction of a Rs10 coin to replace the existing banknote.
According to a statement issued by the Prime Minister's Office, the decision was taken at a cabinet meeting chaired by Prime Minister Shehbaz Sharif in Islamabad on Wednesday.
The cabinet approved the new designs on the recommendation of the Ministry of Finance after receiving a detailed briefing on the proposed changes.
Officials told the meeting that artists and designers from across the country had been invited to submit proposals for the new currency designs.
A cabinet committee formed by the prime minister also held consultations with relevant stakeholders before finalising its recommendations.
The new banknotes will feature enhanced security measures to help prevent counterfeiting. Modern materials will also be used to improve their durability and extend their circulation life, the statement said.
The cabinet separately approved replacing the Rs10 banknote with a Rs10 coin.