KARACHI: The State Bank of Pakistan (SBP) has announced November 30 final date for demonetisation of old-design currency notes of Rs10, Rs50, Rs100 and Rs1,000 from all the commercial banks.
However, the SBP field offices will continue to accept the old design banknotes of Rs10, Rs50, Rs100 and Rs1,000 from general public up to December 31, 2021, the central bank said.
The federal government on June 4, 2015 had announced that the old design banknotes will cease to be legal tender with effect from December 1, 2016. Therefore, it has now been decided to phase out all the remaining old design banknotes of Rs10, Rs50, Rs100 and Rs1,000. The Rs5 banknote and the old design Rs500 banknote had already been demonetised.
The SBP issued a new design banknote series, which started with the issuance of Rs20 denomination banknote in 2005 to improve the security, durability and aesthetic quality of the banknotes. The process of issuance of complete series of new design banknotes, comprising eight denominations (Rs5, Rs10, Rs20, Rs50, Rs100, Rs500, Rs1,000 and Rs5,000) was completed in 2008.
All old design banknotes will cease to be legal tender on December 1, 2016 while the last day to exchange all such banknotes from the SBP BSC field offices is December 31, 2021, the central bank added.
