The federal cabinet has approved redesigned currency notes for five denominations, including Rs. 50, Rs. 100, Rs. 500, Rs. 1,000 and Rs. 5,000, sources told RBN.

The cabinet has also cleared a proposal to phase out the Rs. 10 banknote and replace it with a coin.

The approval covers new designs for all five denominations currently in circulation. However, the change will not happen immediately, as the State Bank of Pakistan (SBP) will determine the rollout and withdrawal schedule.

Under the approved plan, existing Rs. 10 notes will gradually be taken out of circulation as coins of the same denomination are introduced.

The central bank will announce when the redesigned notes will be issued and how long the existing banknotes will remain valid. It will also oversee the phased withdrawal of the old designs.

The cabinet’s decision sets the process for replacing the current designs, although details about the appearance of the new notes and their expected release dates have not yet been announced.