Business

KARACHI (Web Desk) – The State Bank of Pakistan (SBP) has announced that currency notes of old design will not be acceptable from December 1, 2016.

The notes can be used at all commercial and microfinance banks till November 29 this year. However, the offices of SBPBSC will accept these notes till December 31.

According to a circular of the SBP, the old-designed currency notes of Rs5, Rs10. Rs50, Rs100, Rs500 and Rs1000 can be replaced from all of the bank branches and the offices of the State Bank till December 31 this year.

After the date, none of the currency notes will be useable for any business activity, the announcement said.

Previously, the State Bank of Pakistan had introduced newly designed currency notes of Rs5, Rs10, Rs20, Rs50, Rs100, Rs500, Rs1000 and Rs5000 in a phase-wise process by the end of 2008.