Pakistan approves new currency note designs as Rs10 banknote makes way for a coin
The federal cabinet has approved redesigned currency notes with tougher security features and decided the Rs10 banknote will gradually be replaced by a coin, though no date has been set for the change.
The federal cabinet has approved new designs for Pakistan's currency notes and decided that the familiar Rs10 banknote will eventually be replaced by a coin, in the biggest overhaul of the country's cash in years.
The decision was taken at a cabinet meeting chaired by Prime Minister Shehbaz Sharif on Wednesday, on the recommendation of the Ministry of Finance, according to a statement issued by the Prime Minister's Office. The cabinet approved the designs of the new notes after detailed consultations with stakeholders.
Under the plan, the redesigned notes will carry enhanced security features and be printed on modern materials to make them harder to counterfeit and longer lasting in circulation. Reports of the decision say the approved series covers the Rs50, Rs100, Rs500, Rs1,000 and Rs5,000 notes, while the Rs10 denomination will be issued as a coin instead of a paper note. The government has not yet published the full list of denominations or shown the new designs in public.
The change to the Rs10 note follows a proposal from the State Bank of Pakistan, which had argued that producing the low-value note had become relatively expensive. State Bank Deputy Governor Dr Inayat Hussain told the Senate Standing Committee on Finance in August that the central bank had proposed withdrawing the Rs10 banknote once the new series was introduced, and that about a year would be needed to bring the redesigned notes into circulation.
For now, nothing changes for people using cash. The government has not announced a date for the new notes to enter circulation, nor a deadline for the Rs10 note to stop being legal tender, and the existing notes will not be withdrawn immediately. The State Bank will announce the schedule for introducing the new notes and gradually withdrawing the old designs, and it said in September that any withdrawal would be formally announced and the public given adequate time to exchange their notes.
The redesign has been a long time coming. The State Bank began the process of designing and issuing a new series of banknotes covering all existing denominations in January 2024, inviting proposals from artists and designers across the country. A special committee constituted by the prime minister reviewed the submissions, consulted economists and financial institutions, and forwarded its recommendations for approval. The cabinet was told the designs reflect the country's culture, history and development, and the State Bank had approved designs earlier this year before the cabinet sent them back for changes.
Counterfeiting was described in the cabinet briefing as a major problem, and the new notes are meant to answer it. The redesigned banknotes will incorporate advanced security features intended to be hard to copy and easier for the public and banks to check, while the modern materials are expected to improve durability and extend the life of notes in circulation.
For households and businesses, the practical effect will be gradual. Shopkeepers and banks will continue to accept the existing notes as normal, and the Rs10 coin will only appear once the State Bank sets the change in motion. Coins last far longer than low-value notes, which is why central banks around the world have made similar switches, but they are also heavier to carry, so the change will be felt most by people who handle small cash every day.
What happens next rests with the State Bank. It must now confirm the denominations in the first rollout, publish the timetable, and show the public what the new notes and the Rs10 coin will look like. Until then, the cabinet's decision clears the way for the new series but sets no date for it, and the familiar notes in wallets and tills across Pakistan remain valid.
The figures and statements in this report were checked against the official statements and reports available at 16:51 PKT on 5 November 2026.
This post is market news information only, not financial advice.
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