The federal cabinet has approved new designs for currency notes and the introduction of a Rs10 coin to replace the existing Rs10 banknote.
The decisions were taken at a cabinet meeting chaired by Prime Minister Shehbaz Sharif, which also approved the transfer of powers assigned to the chief minister of Khyber Pakhtunkhwa to the provincial governor for the day-to-day administration of the province during the period of emergency.
According to a statement issued by the Prime Minister’s Office, the transfer of powers aims to facilitate administrative affairs and improve governance in Khyber Pakhtunkhwa.
Under the decision, the governor will exercise the transferred powers during the emergency period and submit a monthly review report to the federal government.
The cabinet expressed hope that the Khyber Pakhtunkhwa Advisory Council, under the governor’s leadership, would make concerted efforts to promote public welfare, prosperity and the maintenance of law and order in the province.
The federal cabinet also approved new currency note designs on the recommendation of the Ministry of Finance. It was briefed in detail on the proposed designs and the process followed for their preparation.
The meeting was informed that proposals had been invited from artists and designers across the country. A cabinet committee constituted by the prime minister had also held detailed consultations with relevant stakeholders.
The briefing stated that enhanced security features and modern materials would be incorporated into the new currency notes to prevent counterfeiting and increase their durability and lifespan.
The cabinet also ratified a defence cooperation agreement between Pakistan and Kuwait, signed on June 11, 2023, to strengthen cooperation between the two countries in the defence sector. The Kuwaiti government had ratified the agreement on July 19.
In addition, the cabinet endorsed decisions taken at the October 26 meeting of the Cabinet Committee on State-Owned Enterprises (CCOSOEs).
It also ratified decisions taken at meetings of the Cabinet Committee for Legislative Cases (CCLC) held on January 22, February 26, August 5, 18 and 27, and September 11 and 22
