Briefing the Senate Standing Committee on Finance on proposed new currency notes, Dr Hussain said the SBP had twice previously attempted to discontinue the Rs10 note.
He said the denomination would be abolished once the new series of banknotes is introduced.
According to the deputy governor, Pakistan's existing currency series has been in circulation since printing began in 2005. The SBP is now planning a new series featuring enhanced security features.
The proposal has been discussed twice by the federal cabinet, while a cabinet committee is currently reviewing the designs.
Committee Chairman Senator Saleem Mandviwalla questioned the process through which the designs were prepared, saying the consultant's company had been awarded the contract without a bidding process.
An SBP executive director told the committee that the company associated with the consultant would carry out the work.
Mandviwalla stressed that although the SBP was an autonomous institution, it was still required to follow relevant rules and procedures.
Dr Hussain said the cabinet subcommittee had made major changes to the proposed banknote designs and that the new notes could be issued only after the designs were finalised.
He added that the SBP had submitted the proposed designs to the Ministry of Finance about a year ago.
The government had earlier decided to introduce a new series of currency notes with enhanced security features and improved security threads.
In January 2026, the federal cabinet was informed that new banknotes in denominations of Rs100, Rs500, Rs1,000 and Rs5,000 would be introduced.
SBP Deputy Governor Saleemullah previously told Geo News that the new currency notes were expected to enter circulation between November and December 2026.
