Demonetisation of all old design banknotes

KARACHI: As per Federal Government’s gazette notification on June 4th, the old design banknotes will cease to be legal tender with effect from December 01, 2016.

The State Bank of Pakistan has therefore been decided to phase out all remaining old design banknotes of Rs 10, 50, 100 and 1,000. The Rs five banknote and the old design Rs 500 banknote have already been demonetised, said State Bank of Pakistan (SBP) statement here on Monday. It is worth mentioning that State Bank 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, 500,1,000 and 5,000) was completed in 2008. The micro-finance banks will accept the old design banknotes of Rs 10, 50, 100 and 1,000 and exchange the same with the new design banknotes and coins of all denominations up to November30, 2016 only.

However, the SBP field offices will continue to accept the old design banknotes of Rs 10, 50, 100 and 1,000 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.

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