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 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,” SBP stated.

State Bank added, “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. However, SBP Banking Services Corporation (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 deadline for exchanging of old currency notes from banks is November 30, 2016 and it 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.