ISLAMABAD: State Bank of Pakistan (SBP) on Wednesday said that the old design banknotes will cease to be legal tender with effect from December 1, 2016.
A statement of the Central Bank issued on Wednesday that as per Federal Government's Gazette Notification of 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 Rs. 10, 50, 100 and 1000", the statement of the bank said.
According to the statement, the Rs. 5 banknote and the old design Rs 500 banknote have already been demonetized.
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 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, 1000 and 5000) was completed in 2008.
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.
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.
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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