In its press release, SBP has informed public with its decision of phasing out all remaining old design banknotes of Rs. 10, 50, 100 & 1000.
It is worth mentioning that the SBP 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, it stated. 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.
SBP has notified that 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 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.