Islamabad: The Federal Cabinet has approved new designs for currency notes and the introduction of a Rs10 coin to replace the existing banknote of the same denomination. The decisions were taken during a cabinet meeting chaired by Prime Minister Shehbaz Sharif in Islamabad.
According to officials, the cabinet approved the new banknote designs on the recommendation of the Ministry of Finance. The government had invited design proposals from artists and designers across Pakistan, and a cabinet committee formed by the prime minister held detailed consultations with relevant stakeholders before finalising the designs.
The meeting was informed that the new banknotes will feature enhanced security measures and modern materials to make counterfeiting more difficult and improve their durability. The cabinet also approved the introduction of a Rs10 coin, which will replace the existing Rs10 banknote in circulation.
Rs160 Billion Package for Khyber Pakhtunkhwa
The prime minister told the meeting that a development and security package worth Rs160 billion had been finalised for Khyber Pakhtunkhwa. He described peace and security in the province as the government’s foremost priority and reaffirmed his commitment to eliminating terrorism through cooperation among the armed forces, the provincial government and the federal government.
During the meeting, the Federal Cabinet also approved the transfer of powers delegated to the Khyber Pakhtunkhwa chief minister to the provincial governor for day-to-day administrative affairs during the emergency period in the province. The governor will submit a monthly report to the Federal Cabinet reviewing the exercise of these powers.
The cabinet expressed the hope that the Khyber Pakhtunkhwa Advisory Council, working under the governor’s leadership, would focus on public welfare, provincial development and the restoration of law and order.
Defence Agreement with Kuwait Ratified
The cabinet ratified the Defence Cooperation Agreement between Pakistan and Kuwait, which was signed on June 11, 2023. The agreement aims to strengthen cooperation between the two countries in the defence sector. The Kuwaiti government had ratified the agreement on July 19, 2023.
The meeting also discussed regional peace efforts and energy supplies. The prime minister said Pakistan was continuing diplomatic efforts to promote regional peace, noting that a Pakistani delegation had visited Tehran twice over the previous two to three weeks to discuss reducing regional tensions and strengthening cooperation.
Fuel Prices and Energy Supplies
Prime Minister Shehbaz Sharif also addressed the impact of regional tensions on domestic fuel prices. He said the government had prevented an additional burden of Rs15 per litre on petrol from being passed on to consumers after engaging with refineries and asking them to share their windfall profits. He appreciated the Ministry of Petroleum for its efforts in this regard.
The prime minister said the fuel subsidy scheme was being implemented transparently and had benefited 15 million people. He said the government had spent Rs28 billion on the programme, which would continue at least until the end of next month. He added that a new mechanism had improved transparency in LPG supply and distribution, bringing an end to what he described as the era of the LPG mafia.
Despite challenges affecting shipping routes, the government would make every effort to maintain supplies of LNG, LPG and other energy sources during the winter season, the prime minister said, adding that the authorities would work to limit the impact of higher energy prices on consumers.
