Islamabad (Pakistan News) The report of the government committee regarding the abolition of the Rs 10 note circulating in Pakistan has come to light and suggested to introduce Rs 10 coin instead of currency note.
According to details, The high-level committee headed by the Finance Minister has sent the currency management report to the cabinet. It has been learned that this currency management report has been compiled under the State Bank and Security Printing Corporation laws.
According to the alleged report, the average age of a Rs 10 currency note is only 6 to 9 months, while the average age of a Rs 10 coin is 20 to 30 years. About 35 percent of the total notes printed in the country every year consists of Rs 10 notes.
Introducing a Rs 10 coin in place of paper notes will save at least Rs 40 to 50 billion in 10 years. The printing, replacement and administrative costs of the Rs 10 note are estimated to be Rs 8 to 10 billion.
Unlike paper notes, coins cost more to produce but remain in use for decades and do not need to be re-produced.