Rs10 coin to be introduced: Cabinet clears designs for new banknotes

ISLAMABAD: In a move aimed at curbing counterfeiting and strengthening security in currency circulation, the federal cabinet on Wednesday approved new designs for banknotes and the introduction of a Rs10 coin to replace the existing denomination.

The cabinet, chaired by Prime Minister Shehbaz Sharif, also ratified a defence pact with Kuwait and granted additional administrative powers to the Khyber Pakhtunkhwa governor following the imposition of governor’s rule on October 11.

A statement issued by the Prime Minister’s Office said that designs for the new currency were invited from artists and designers nationwide. A committee formed by the prime minister consulted relevant stakeholders before finalising the proposals.

The redesigned notes will feature enhanced security measures to prevent counterfeiting, as well as modern materials to improve durability and extend their circulation life. The statement did not announce when the new notes and Rs10 coin would enter circulation.

The cabinet also ratified a 2023 defence cooperation agreement with Kuwait aimed at strengthening ties between the armed forces of the two countries.

Explaining the administrative changes following the imposition of governor’s rule,it said the KP governor would assume the chief minister’s delegated powers to oversee day-to-day provincial affairs during the emergency and submit monthly reports to the federal government.

The cabinet expressed hope that the KP Advisory Council, under the governor’s leadership, would focus on public welfare, provincial development and restoring peace and security.

Addressing the federal cabinet, the prime minister said Pakistan was continuing diplomatic efforts to restore peace in the Middle East, warning that regional instability had driven up international oil prices.

“Pakistan is playing its role as before in restoring peace in the region,” he said, referring to recent engagements with Tehran and other regional capitals, as well as cooperation under the Makkah Joint Defence Agreement involving Pakistan, Saudi Arabia and Turkiye.

Turning to the domestic fuel situation, Sharif said the government had spared consumers an additional burden of Rs15 per litre on petrol by persuading refineries to absorb part of the increase through their windfall profits.

“We will not let a common man bear this burden,” Sharif said.

He said the fuel subsidy programme, launched in September, had so far benefited 15 million people, with Rs28 billion spent on it.

The scheme would continue until the end of December, he added, saying the Intelligence Bureau (IB) was monitoring its implementation to ensure transparency.

On measures to ensure adequate LPG supplies, Sharif said the government was developing a transparent procurement and distribution mechanism to promote competition and reduce the influence of intermediaries.

Under the proposed arrangement, imported LPG would be auctioned in lots, with the proceeds used to subsidise supplies for consumers.

He said the government was also holding regular meetings to ensure adequate supplies of LPG, liquefied natural gas (LNG), petrol and natural gas ahead of winter despite disruptions to maritime routes.

Turning to the situation in KP, the prime minister said the federal government had finalised a proposed Rs160 billion package for the province, adding that its security situation remained the foremost priority.

“Security is our number one, two and three priority in KP,” he maintained.

He vowed to press ahead with counterterrorism operations, saying the combined strength of security forces, the provincial administration and the federal government would be mobilised to root out terrorism in KP.

“With the efforts of law enforcement agencies, the new government in KP and the support of the federal government, we will crush terrorism,” he said.

The cabinet also ratified the decisions taken at the October 26 meeting of the Cabinet Committee on State-Owned Enterprises (CCOSOEs).

It also endorsed the decisions taken at the meetings of Cabinet Committee for Legislative Cases (CCLC) held on January 22, February 26, August 5, 18 and 27, and September 11 and 22.

Copyright Business Recorder, 2026