Business News

ISLAMABAD, Jul 15 (APP): As per Federal Government’s Gazette
Notification dated June 04, 2015, the old design banknotes will
cease to be legal tender with effect from December 01, 2016.
Therefore, it has now been decided to phase out all remaining
old design banknotes of Rs 10, 50, 100 and 1000, said a statement
issued by the State Bank of Pakistan here on Friday.
The Rs 5 banknote and the old design Rs 500 banknote have
already been demonetized.
It is worth mentioning that the State Bank of Pakistan 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.
The commercial and 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
30 th November 2016 only.
However, SBP BSC field offices will continue to accept the old
design banknotes of Rs 10, 50, 100 and 1000 from general public up
to December 31, 2021.
The last day to exchange all old design banknotes from banks
is 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.