SBP rejects reports of Rs10 banknote discontinuation

The State Bank of Pakistan (SBP) on Thursday rejected reports circulating on social media claiming that the Rs10 banknote is being discontinued and that a deadline has been set for its exchange.

In a statement, the central bank said that the reports are “baseless and have no substance”.

The SBP said that it had submitted a proposal for the introduction of a new banknote series, which is currently under consideration by the Federal Cabinet. “The matter remains under deliberation, and no decision has been taken regarding the replacement or discontinuation of any denomination,” it said.

The central bank added that any decision to discontinue a banknote denomination would be formally communicated through official channels, with adequate time given to the public to exchange discontinued notes, if any.

The public has been advised to rely only on official communications issued by the SBP.