By our correspondent
ISLAMABAD: The federal cabinet has begun considering a proposal to replace the Rs10 note with a coin, a move officials say could save the national exchequer between 40 and 50 billion rupees over the next decade. The proposal follows a currency management review submitted to the cabinet.
A high-level committee headed by Finance Minister Muhammad Aurangzeb was tasked with examining whether the Rs10 banknote should be discontinued. According to sources, the committee has now submitted its currency management report to the cabinet after reviewing recommendations prepared under the relevant laws by the State Bank and the Security Printing Corporation.
Officials said introducing a Rs10 coin instead of the note would significantly reduce recurring printing costs. An ICMA report noted that the average lifespan of a Rs10 note is only six to nine months, while a Rs10 coin can remain in circulation for 20 to 30 years. Nearly 35 per cent of all banknotes printed annually in the country are Rs10 notes, adding to production expenses.
The report estimates that replacing the Rs10 note with a coin could result in savings of at least 40 to 50 billion rupees over 10 years. A final decision on whether to phase out the Rs10 banknote will be taken by the federal cabinet.
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