ISLAMABAD: The State Bank of Pakistan (SBP) on Thursday rejected social media reports claiming that the Rs10 banknote had been discontinued or that a deadline had been set for its exchange.
In a statement, the central bank said reports circulating online about the withdrawal of the Rs10 note and a last date for its conversion were baseless and contrary to the facts.
The SBP spokesperson clarified that the central bank had submitted a proposal for a new series of banknotes, which is currently under consideration by the federal cabinet. No decision has been taken to discontinue or replace any denomination of currency notes.
“The matter is still under review and no decision has been made regarding the discontinuation or conversion of banknotes of any value,” the spokesperson said.
The central bank said that if a final decision was taken in this regard, the public would be informed through official channels in a formal manner.
It added that if any banknote series was eventually withdrawn, adequate time would be provided to the public for exchange. The SBP urged people to rely only on information issued through its official sources and disregard unverified claims circulating on social media.
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The clarification came after social media posts claimed that the Rs10 note would soon cease to be valid, with some fabricated graphics suggesting a September deadline for its exchange.
Earlier, in late August, SBP Deputy Governor Dr Inayat Hussain told the Senate Standing Committee on Finance that the central bank was considering discontinuing the Rs10 note in a future currency series because of rising production costs. He said the denomination could potentially be retained in the form of a coin.
The existing series of banknotes, introduced from 2005 onwards, remains legal tender. No Gazette notification or official circular has been issued announcing its withdrawal.
