New currency notes Pakistan: cabinet approves designs, Rs10 note to become a coin
The cabinet has cleared new banknote designs and a Rs10 coin. What changes, what happens to your old notes, and the one thing still missing: a date.
Pakistan is getting new banknotes, and the Rs10 note is on its way out. The federal cabinet, chaired by Prime Minister Shehbaz Sharif, approved the designs for a new series of currency notes on Wednesday, 4 November, along with a Rs10 coin that will replace the Rs10 note.
That is why “banknote” shot up Google searches in Pakistan overnight. People want to know two things: what the new notes look like, and whether the notes in their wallet will still work. The honest answer to the first is that the designs have not been shown to the public yet. On the second, nothing in the government’s statement says old notes stop being money.
What the cabinet approved
According to the Prime Minister’s Office, the cabinet approved the new designs on the Finance Ministry’s recommendation. The aim, the statement said, is to make notes harder to fake and to improve security in the cash people use every day.
- New designs: artists and designers from across the country were invited to send proposals, and a committee set up by the prime minister consulted the people involved before finalising them.
- Better security: the redesigned notes will carry improved anti-counterfeiting features.
- Longer life: they will be printed on modern materials meant to last longer in circulation.
- Rs10 coin: a coin will take over from the Rs10 note.
Why the Rs10 note is going
The Rs10 note is the hardest-working note in Pakistan and the one that falls apart fastest. In August, State Bank Deputy Governor Dr Inayat Hussain told the Senate finance committee that the SBP was considering abolishing it because it had become too expensive to keep printing, and that it would go when the new series arrives. The SBP had tried to drop it twice before.
A coin costs more to make once, but it stays in circulation for many years, while a paper note in daily use wears out quickly. That is the whole argument.
When will the new notes come?
The cabinet did not give a date. In August, SBP Deputy Governor Saleemullah said the new notes were expected between November and December 2026, and the cabinet had earlier been told the series would include new Rs100, Rs500, Rs1,000 and Rs5,000 notes. The current series has been printed since 2005.
The process has not been smooth. Cabinet members questioned the plan in January and sent it to a committee, which changed the designs. In August, Senate finance committee chairman Saleem Mandviwalla also questioned how the design contract was awarded.
What you should do now
Nothing. Keep using your notes as usual. When the State Bank announces the launch, it normally gives a long window to exchange old notes at banks. Be careful of anyone on WhatsApp or TikTok offering to “swap” old notes for a fee, or claiming a note is already banned; the official word will come from the SBP and the Finance Ministry. The next thing to watch is the SBP unveiling the designs.
