SBP gives deadline for exchange of old-design banknotes

KARACHI: The State Bank of Pakistan (SBP) on Tuesday announced that the deadline for exchange of old design banknotes will be December 31, 2022, ARY News reported.

KARACHI: The State Bank of Pakistan (SBP) Tuesday announced that December 31, 2022, will be the last date for exchange of old banknotes of Rs10, 50, 100, and 1,000.

According to a statement issued by SBP, the federal government had extended the last date for exchange of old design large size banknotes of Rs 10, 50, 100 and 1000 by one year.

It is once again emphasized that the last and final deadline to exchange old designed large size banknotes of Rs 10,50,100 & 1000 is Dec 31, 2022. These old design banknotes can be exchanged from #SBP BSC offices across the country till Dec 31, 2022.https://t.co/kinlxgnryd pic.twitter.com/u0Kh9Y8fK3

— SBP (@StateBank_Pak) December 13, 2022

“The holders of these old design large banknotes have been given the last chance to exchange these old design large size banknotes from the field offices of the SBP Banking Services Corporation (BSC) by 31st December 2022,” the statement added.

It is once again emphasized that this is the last and final deadline for exchange of such banknotes, upon expiry of which, these banknotes would no longer be exchangeable from the counters of the SBP BSC and thus will lose their value.

The general public is therefore, requested to avail this final opportunity and get their holdings of these banknotes exchanged from SBP BSC Field Offices by December 31, 2022 and protect the value of their savings in these banknotes, the statement added.

It is pertinent to mention here that the federal government in 2016 banned the use of old design banknotes having value of Rs10, Rs50, Rs100 and Rs1,000.