The government committee tasked with currency management has submitted its report on phasing out the 10-rupee note, recommending the introduction of a 10-rupee coin. The high-level committee, chaired by the Federal Finance Minister, forwarded the report to the cabinet. The report was prepared under the State Bank and Security Printing Corporation regulations.
According to the ICMA report, the average lifespan of a 10-rupee note is only six to nine months, whereas a 10-rupee coin lasts 20 to 30 years. Currently, approximately 35 percent of all notes printed annually in the country are 10-rupee notes.
The report highlighted that introducing a 10-rupee coin could save at least 40 to 50 billion rupees over ten years, as the printing, replacement, and administrative costs of notes are estimated between 8 and 10 billion rupees annually. While the production cost of coins is higher, they do not require replacement for decades, making them a more sustainable option.
