ISLAMABAD: The government has decided to phase out all remaining old design banknotes demonetized from December 1, 2016 in order to improve aesthetic quality of banknotes.
According to a statement issued by the State Bank of Pakistan (SBP) on Monday, the old design banknotes will cease to be legal tender with effect from December 1.
It is worth mentioning that the SBP 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 and 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 & 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 1, 2016 while last day to exchange all such banknotes from SBP BSC field offices is December 31, 2021.
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