Last date for exchange old design banknotes ends today. The State Bank of Pakistan (SBP) has announced that today (Wednesday) was the last day for the exchange of all old design banknotes of 10, 50, 100 and 1000 rupees denomination from the authorised banks of the country.
The State Bank has warned the general public that all old design banknotes will cease to be legal tender from Thursday (December 1) and must be exchanged in time, DailyPakistan reported.
Last date for exchange old design banknotes in Pakistan
“All the commercial and microfinance banks are accepting the old design banknotes to exchange them with new design banknotes and coins of all denominations,” SBP has said in a notification.
However, SBP BSC Field Offices will continue to accept the old design banknotes from general public up to December 31, 2021.
The last date for exchanging all old design banknotes — of Rs10, 50, 100 and 1,000 denominations — is Nov 30, 2016.
The State Bank on Wednesday warned the general public that all old design banknotes will cease to be legal tender on Dec 1, 2016 and must be exchanged in time.
Commercial and microfinance banks will accept old design banknotes of Rs10, 50, 100 and 1,000 and exchange the same with new design banknotes and coins of all denominations.
However, SBP BSC field offices will continue to accept the old design banknotes of Rs10, 50, 100 and 1,000 from general public up to Dec 31, 2021. The last day to exchange all such banknotes from SBP BSC field offices is Dec 31, 2021.
Demonitised old design banknotes in Pakistan:
The Rs5 and old design Rs500 banknotes have already been demonetised. It is worth mentioning the SBP issued a new design banknote series which started with the issuance of Rs20 denomination banknote in 2005 to improve security, durability and aesthetic quality of banknotes.
The process of issuance of complete series of new design banknotes comprising eight denominations (Rs5, 10, 20, 50, 100, 500, 1,000 and 5,000) was completed in 2008.