Pakistan might stop using the Rs10 currency note soon. State Bank of Pakistan officials told the Senate Standing Committee on Finance that making the Rs10 currency note costs much money. Because of these costs, officials want to get rid of the Rs10 currency note.
If the plan goes through, the Rs20 note will be the amount of money people can use in the country.
This news came out during a meeting of the Senate Standing Committee on Finance. Senator Saleem Mandviwalla was the one leading the meeting.
The State Bank of Pakistan officials explained to the committee that the Rs10 currency note is expensive to make. They suggested that the country should stop using the Rs10 currency note. This change would mean the Rs20 note becomes the lowest-value banknote in Pakistan.
The officials shared this idea with lawmakers while they were looking at all the types of Pakistan’s currency notes.
Currency notes to feature new security measures
State Bank officials also told the committee that extra security features are being added to currency notes.
The briefing comes while authorities are working on redesigning Pakistan’s banknotes and a Cabinet sub-committee is currently finalising the design of the notes.
Senators raise concerns over the slow-moving process
The committee members said they are worried because the State Bank is working slowly on the new currency notes.
Senator Saleem Mandviwalla asked why it is taking much time to design the new currency notes. Senator Saleem Mandviwalla is afraid that the term of the committee might end before the State Bank even releases the currency notes.
Senator Saleem Mandviwalla said people are scared that lawmakers will finish their work, in office while the process to design and bring out the currency notes is still not done.
Anusha Rehman proposes using AI in currency design
During the meeting Senator Anusha Rehman suggested that the State Bank should use intelligence (AI). The aim was to speed up the process of designing currency notes.
The proposal came at a time when the committee was worried about delays. The committee was concerned that the designs were taking long to finalise and that the new banknotes might be delayed.
The State Bank is also working hard to strengthen security features, in existing currency denominations. The authorities are moving towards a redesigned banknote series and the State Bank is preparing for that change.
