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Rs 10, 50, 100 & 1000 old banknotes to be phased out

KARACHI: State Bank of Pakistan on Monday decided to phase out all remaining old design banknotes of Rs 10, 50, 100 & 1000.

According to a press release by SBP, the old design banknotes will cease to be legal tender with effect from 1st December 2016, according to a Federal Government’s Gazette Notification.

State Bank of Pakistan also mentioned that It is worth mentioning that the new design banknote series was 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 only”, the release read.

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.

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