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Bank Notes

SBP rejects rumours about discontinuation of Rs.5000 banknotes

KARACHI: State Bank of Pakistan (SBP) has dismissed rumours circulating on social media regarding discontinuation of the Rs.5000 banknote and requested the general public to pay no heed to such disinformation. It is further clarified that SBP Act 1956 clearly defines the roles and responsibilities of different institutions including SBP for issuance, circulation and demonetisation or cancellation of banknotes. More specifically, section 25 of the Act requires a recommendation of SBP Board of Directors before the…

State Bank announces demonetization of old bank notes by Nov 30

KARACHI: State Bank of Pakistan (SBP) has decided to phase out all remaining old design currency notes of Rs. 10, 50, 100 and 1000. According to a press release by SBP, the old design banknotes will cease to be legal tender with effect from 1st December 2016 and the central bank has decided to phase out all remaining old currency notes of Rs. 10, 50, 100 & 1000. The central bank stated that SBP issued a new design banknote series which started with the issuance of Rs. 20 denomination banknote in 2005 to improve the…