New banknotes are on their way, and the Rs10 note is set to become a coin. Pakistan's federal cabinet, meeting under Prime Minister Shehbaz Sharif on Wednesday, approved designs for new currency notes on the recommendation of the Finance Ministry and cleared the introduction of a Rs10 coin to replace the existing Rs10 banknote.
According to a statement from the Prime Minister's Office, the cabinet received a detailed briefing on the process. Proposals had been invited from artists and designers across the country, and a cabinet committee formed by the prime minister consulted stakeholders on the designs. The new notes will carry enhanced security features to deter counterfeiting and use modern materials meant to make them last longer.
The cabinet also ratified the Pakistan-Kuwait Defence Cooperation Agreement, finalised on June 11, 2023, to promote cooperation in the defence sector. The Kuwaiti government ratified it on July 19. The step follows a series of high-level contacts between military officials of the two countries in recent months.
In another decision, the cabinet approved transferring powers delegated to the Khyber Pakhtunkhwa chief minister to the provincial governor for day-to-day affairs during the period of emergency, with the governor to submit a monthly report to the federal government. The prime minister said a Rs160 billion development package had been finalised for the province with security as the priority, and expressed confidence that terrorism would be eradicated through the sacrifices of security personnel and coordinated efforts of all institutions.