Business

LAHORE (Staff Report) – State Bank of Pakistan (SBP) has stated that as per Federal Government’s Gazette Notification of June 4, 2015, the old design bank notes of Rs 10, 50, 100 and 1000 would be phased out from the financial system form December 1.

The Spokesman in a statement said, the SBP has now decided to discontinue all remaining old design banknotes of certain denominations.

He said that the Rs 5 banknote and the old design Rs 500 banknote have already been discontinued. 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 appearance of banknotes.

The Spokesman added that 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 November 30,2016 only.The process of issuing a complete series of new design banknotes comprising eight denominations (Rs 5, 10, 20, 50, 100, 500, 1000 and 5000) was completed in 2008.

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.