The State Bank of Pakistan (SBP) Deputy Governor Muhammad Ali Malik told the Senate Standing Committee on Tuesday that it could take up to a year for new currency notes to enter circulation, even after approval by the federal cabinet committee, 24NewsHD TV reported.
The Senate Standing Committee on Finance, chaired by Senator Saleem Mandviwalla, was informed that the SBP has recommended discontinuing the Rs10 currency note as part of the proposed changes to the country's banknotes.
During the meeting, Senator Abdul Qadir asked about the cost of printing a Rs5,000 note. Muhammad Ali Malik said each Rs5,000 banknote costs around Rs14 to produce.
He added that the final denominations of the new currency notes would be decided by the federal cabinet.
Senator Saleem Mandviwalla expressed doubt over the early introduction of the new notes, saying he did not believe they would be issued during the current senators' tenure.
New system aims to reduce counterfeit notes
Officials also briefed the committee on the process of designing and producing the new currency notes.
They said the original design would be prepared manually before the final notes were produced through specialised machinery.
Mandviwalla raised concerns over possible delays and the risk of counterfeit notes, asking whether the committee should receive a briefing from an international currency-printing company.
In response, officials said the entire currency production process would be overhauled, with new security and production measures expected to significantly reduce the chances of counterfeit notes being produced.