Federal cabinet approves new currency designs and Rs10 coin

The federal cabinet has approved new designs for Pakistan's currency notes and a coin to replace the Rs10 banknote, and agreed to move the Khyber Pakhtunkhwa chief minister's delegated powers to the province's governor for the duration of its emergency period.

The decisions were taken at a meeting chaired by Prime Minister Shehbaz Sharif, according to a statement from the Prime Minister's Office carried by Express News.

The currency designs were approved on the recommendation of the Ministry of Finance. The cabinet was briefed that proposals were invited from artists and designers across the country and that a cabinet committee constituted by the prime minister had consulted all stakeholders on the designs. Additional security features will be added and new material used, the briefing said, to curb counterfeiting and to extend the life of notes in circulation.

The cabinet also approved introducing a Rs10 coin in place of the Rs10 banknote.

In Khyber Pakhtunkhwa, powers delegated to the chief minister will move to the governor for the running of day-to-day affairs during the emergency period, which the statement said was aimed at easing administration and improving governance in the province. The governor will submit a monthly review report to the federal government on how those powers are used. The cabinet welcomed the decision and said it expected the Khyber Pakhtunkhwa Advisory Council, working under the governor, to make efforts for the welfare and prosperity of the province's people and for peace and order.

The cabinet ratified the defence cooperation agreement between Pakistan and Kuwait, concluded on 11 June 2023 to promote cooperation in defence fields between the two countries. The Kuwaiti government ratified the agreement on 19 July.

It endorsed the decisions of the Cabinet Committee on State-Owned Enterprises taken at its 26 October meeting, and the decisions of the Cabinet Committee on Legislative Cases taken at meetings held on 22 January, 26 February, 5, 18 and 27 August and 11 and 22 September.

UrduPoint reported that the cabinet approved the new note designs, with more security features and modern material to be used against counterfeit currency.