KARACHI: Legal status of old Pakistani currency notes will end on Dec 16, said a statement issued by the State Bank of Pakistan (SBP).
‘As per federal government gazette notification, such currency notes will cease to be legal tender from Dec 1, 2016,’ said the SBP.
Earlier, Rs5 currency notes and the old designed Rs500 notes were demonetised. Now all the remaining old-designed notes of Rs10, 50, 100 and 1,000 will be demonitised, said the SBP.
The State Bank issued a new banknotes series which started with the issuance of Rs20 denomination banknote in 2005 to improve security, durability and aesthetic quality of banknotes. The process of issuance of complete series of new designed banknotes, comprising eight denominations — Rs5, 10, 20, 50, 100, 500, 1000 and 5000 — was completed in 2008.
The last day to exchange all old designed banknotes from banks is Nov 30, 2016. All old designed banknotes will cease to be legal tender on Dec 1, 2016 while the last day to exchange all such banknotes from SBP BSC field offices is Dec 31, 2021.
