The federal cabinet is considering in-principle approval to replace the ten-rupee note with a coin to save billions of rupees over the next decade.
This comes after a report on currency management prepared by the State Bank of Pakistan (SBP) and the Pakistan Security Printing Corporation (PSPC), and presented to the cabinet by a high-level committee led by the Finance Minister.
According to the report, a ten-rupee note has an average lifespan of just 6 to 9 months, while a ten-rupee coin can last 20 to 30 years. Currently, around 35 percent of all notes printed annually are ten-rupee notes, with estimated printing, exchange, and administrative costs of Rs. 8 to 10 billion per year. Transitioning to coins could save Rs. 40 to 50 billion over 10 years.
While the initial cost of producing coins is higher, coins do not need to be replaced for decades, making them more cost-effective in the long term. The central bank is expected to phase out the printing of ten-rupee notes over the next three years.
Ten-rupee coins were first issued nationally on October 24, 2016, and their gradual replacement of notes will follow legal procedures under the State Bank Act.
Countries like the UK, Canada, and Australia have already converted low-denomination notes into coins. Authorities also acknowledged that reducing the printing of paper notes supports green banking initiatives.
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“Need of time” or economy cycle of notes .
I would suggest government should also issue special note marked with ( wale waly note) , on every marriage (shadi) or pando party occasion these notes are thrown, that is the main cause of deformation of currency notes. Our population is increasing but “pando pun” is increasing with more faster speed.
Abolish all the currency notes and save billions trillions.
We should be having a coin for RS 1000
Coin for RS 5000.
Sounds Great..
Hmmmm…
If it comes true which you said then our currency value become crash …..
If government ban on curraption they will save billions a months…
Hakoomat ko chaihye 10 ropy sy le kar 5000 waly tamam noot sikoon men bdl den…
Is Koomi khazany ko arboon kharboon ki bachat hogi…
Aur is sy ismaglangil bhi khtm ho jaegi…😂😂😂😂
Total absurdity of replacing paper note with metal coin note as regardskeeping and handling by masses
Get rid of the false paper currency till eternity. Bring in Sunnah Currency/Economy which is Dinar (Gold) Coins, Dirham (Silver)Coins, Faloos (Copper) coins along side valuable essential commodities. We want to be free from False paper currency for good since this system is fraudulent and Haram!
To curtail corruption, Rs 5000 note should be discontinued.
it will be positive initiative of Govt. Of Pakistan to end note Rs. 10 and replace with Rs 10 coins, Note is always wasted by General Public, and I suggest that SBP stop to issue New Currency Note in Eid, Charismas days, which is not circulated according to the policy, and make some serious plan to issue Fresh note without engage with any public even(s).
please mentioned the news source
Paper note is easy to keep in lether wallet and pocket while it is difficult to keep coins in pocket or lether wallet.
It’s good but please remove 5 thousand notes please
Removing the Rs. 10 paper currency note would impact escalation of inflation as nobody like to possess coins. Therefore, those commodities the price of of which is below Rs.10 would be doubled immediately. Govt should not remove Rs.10 note from circulation due to the reason mentioned.
People were used to 1,2,5 rupees note then state introduced 1,2,5 rupees coin, now it seen that 1,2,5 rupees coin is replaced/vanished from market with the candy(Eclare). Same will happen with the 10 rupees coin.
This is good step to save money. A penny save is a penny earn. This should have been done long ago. A small step amount for savings brings a lot of savings.
میں نے یہاں پر بھی دیکھا ہے کہ کرنسی نوٹوں کی تبدیلی کے لیے یو کے کا ریفرنس دیا گیا ہے پاکستان میں عموما ریفرنسز یو کے ، کینیڈا اور امریکہ کے دیے جاتے ہیں مگر سہولتوں کا فقدان ہے یہاں پر اب کراچی جیسے شہر میں لوڈ شیڈنگ 12 گھنٹے سے اوپر ہوتی ہے دن میں اور اس کے علاوہ بھی لائٹ نہیں ہوتی گیس کا بھی یہی حال ہے گیس کی بھی لوڈ شیڈنگ ہوتی ہے اب یہاں پر یہ مثال نہیں دی جاتی کہ یو کے، کینیڈا یا امریکہ میں تو حکومتیں بجلی مہیا کرتی ہیں یہاں مثال نہیں دی جاتی تو باقی کاموں میں مثال بہت جلدی دیتے ہیں اس چیز کی سمجھ مجھے اج تک نہیں ائی
Is that the fedral goverment are giving the same facility like UK canada and Australia if they are giving the same facilities then they can change into coin. This is another failiur of economic growth of pakistan because here is no justice no rule of law no equal rights elite has there own law and politician have there own law and poor are always suffering to hunger. Do what ever you want. We don’t care any more
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Note transfer to coins means economy is not improved rather ruppee degrading it’s value.