Deadline for exchange of old design banknotes extended
- By Web Desk -
- Jan 08, 2022
ISLAMABAD: The government has extended the deadline for exchanging old design banknotes of Rs10, 50, 100 and 1000 denominations by a year.
The State Bank of Pakistan (SBP) in a statement said that citizens can exchange old currency notes through the central bank’s Banking Services Corporation (BSC) offices till December 31.
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“Deadline for exchange of old design banknotes of Rs10, 50, 100 and 1000 has been extended till 31Dec22. Public can exchange old banknotes with new ones from SBP(BSC) offices. Old banknotes are no more legal tender and cannot be used in transactions,” the SBP said.
Deadline for exchange of old design banknotes of Rs10, 50, 100 and 1000 has been extended till 31Dec22. Public can exchange old banknotes with new ones from SBP(BSC) offices. Old banknotes are no more legal tender and cannot be used in transactions. See https://t.co/fHtD0QzvI8
— SBP (@StateBank_Pak) January 7, 2022
Previously, the last date for exchange of old notes was December 31,2021.
According to the federal government’s gazette notification issued on December 23, 2021, upon expiry of the deadline, old design banknotes will stand cancelled, and will not be exchangeable.
“This is the final extension in the date of exchange of these banknotes granted by the Federal Government and public is advised to avail this opportunity and exchange their old design banknotes through SBP BSC Offices till December 31, 2022,” the statement read.
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It is pertinent to mention here that the Pakistan Muslim League-Nawaz (PML-N) government had banned the use of old design currency notes having value of Rs10, Rs50, Rs100 and Rs1,000 with effect from December 1, 2016.
However, the former government allowed the exchange of old banknotes from commercial banks by the end of November 2016 and from the SBP Banking Services Corporation (BSC) field offices till December 31, 2021.