The federal cabinet is considering replacing the ten-rupee note with a coin to save billions over the next decade. A report by the State Bank of Pakistan (SBP) and Pakistan Security Printing Corporation (PSPC) highlighted that a ten-rupee note lasts only 6 to 9 months, while a coin can last 20 to 30 years.
Currently, ten-rupee notes make up 35% of all printed currency, costing Rs8-10 billion annually in printing, exchange, and administration. Switching to coins could save Rs40-50 billion over 10 years.
While coins are initially more expensive to produce, they do not need frequent replacement, making them more cost-effective in the long run. The central bank plans to phase out ten-rupee notes over the next three years, following legal procedures under the State Bank Act.
Ten-rupee coins were first issued in October 2016, and the gradual shift mirrors moves in countries like the UK, Canada, and Australia. Officials also noted that reducing paper notes supports green banking initiatives.
