KARACHI: State Bank of Pakistan (SBP) Monday decided to phase out all old design banknotes of Rs 10, 100 and 1000.
The decision was taken citing the federal government’s Gazette Notification dated 4th June, 2015, according to which old design banknotes will cease to be legal tender with effect from 1st December 2016.
According to a press release issued by SBP spokesman, the Rs 5 banknote and the old design Rs 500 banknote have already been demonetized.
It is worth mentioning that the State Bank of Pakistan issued a new design banknote series which started with the issuance of Rs 20 denomination banknote in 2005 to improve the “security, durability and aesthetic quality of banknotes”.
The process of issuance of complete series of new design banknotes comprising eight denominations (Rs 5, 10, 20, 50, 100, 500, 1000 and 5000) was completed in 2008.
The commercial/microfinance banks will accept the old design banknotes of Rs 10, 50, 100 and 1000 and exchange the same with the new design banknotes and coins of all denominations up to 30th November 2016.
However, SBP BSC field offices will continue to accept the old design banknotes of Rs 10, 50, 100 & 1000 from general public up to December 31, 2021.
The last day to exchange all old design banknotes from banks is November 30, 2016. All old design banknotes shall cease to be legal tender on December 01, 2016 while last day to exchange all such banknotes from SBP BSC field offices is December 31, 2021.
Dear TNT Reader,
At The News Tribe, our mission is to bring you free, independent, and unbiased news and content that keeps you informed and empowered. We are committed to upholding the highest standards of journalism, as we understand that we are a platform for truth.
Apart from independent global news coverage, we also commit our unique focus on the Muslim world. In an age marked by the troubling rise of Islamophobia and widespread misrepresentation of Muslims in Western media, we strive to provide accurate and fair coverage.
But to continue doing so, we need your support. Even a small donation of 1$ can make a big difference. Your contribution will help us maintain the quality of our news and counteract the negative narratives that are so prevalent.
Please consider donating today to ensure we can keep delivering the news that matters. Together, we can make a positive impact on the world, and work towards a more inclusive, informed global society.
Donate Monthly Subscription Annual Subscription
