ISLAMABAD: The government committee has decided change report regarding the abolition of the Rs 10 note circulating in the country has been revealed.
A high-level committee headed by the Finance Minister has sent a currency management report to the cabinet. This currency management report has been compiled under the State Bank and Security Printing Corporation laws. According to the ICMA report, the average lifespan of a Rs 10 currency note is only 6 to 9 months, while the average lifespan of a Rs 10 coin is 20 to 30 years. About 35 percent of the total notes printed in the country every year are Rs 10 notes.
The report states that introducing a 10-rupee coin will save at least 40 to 50 billion rupees in 10 years, as the printing, replacement and administrative costs of a 10-rupee note are estimated at 8 to 10 billion rupees. According to the report, the cost of producing the coin is high, but it does not need to be re-produced for decades.
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