KARACHI: The federal government has approved new designs for Pakistan’s currency notes and also decided to introduce a 10-rupee coin to replace the existing paper banknote.
The decision was taken during a federal cabinet meeting chaired by Prime Minister Shehbaz Sharif in Islamabad. The cabinet approved the proposed currency note designs following a review of recommendations submitted by the Ministry of Finance.
According to a statement issued by the Prime Minister’s Office, the cabinet was given a detailed briefing on the proposed designs and the process involved in developing the new banknotes.
The meeting was informed that suggestions had been invited from artists and designers across the country to develop the new currency designs. A cabinet committee established by the prime minister subsequently consulted relevant institutions and other stakeholders before finalising its recommendations.
The statement said the redesigned banknotes would incorporate advanced security features to help prevent counterfeiting. Modern technology and improved-quality materials will also be used to enhance the durability of the notes and extend their service life.
In another key decision, the federal cabinet approved the introduction of a 10-rupee coin to replace the existing paper banknote. The transition will be carried out in phases.
Relevant authorities will now proceed with the next steps concerning the production and issuance of the redesigned currency notes.
However, the official statement did not specify a final date for the introduction of the new banknotes or provide details about the withdrawal or exchange of existing currency notes.
