All old design banknotes to be demonetized by Dec 1, 2016: SBP597 views
KARACHI: As per Federal Government’s Gazette Notification dated June 4, 2015, 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 remaining old design banknotes of Rs10, Rs50, Rs100 and Rs1,000.
The Rs5 banknote and the old design Rs500 banknote have already been demonetized.
According to the statement, State Bank of Pakistan issued a new design banknote series that started with the issuance of Rs20 denomination banknote in 2005. The step was taken to improve the security, durability and aesthetic quality of banknotes, it added.
The commercial/microfinance banks will accept the old design banknotes of Rs10, Rs50, Rs100 and Rs1,000 and exchange the same with the new design banknotes and coins of all denominations until November 30, 2016.
However, the last day to exchange all such banknotes from field offices of SBP is December 31, 2021.
News Source Samaa