After the surprising announcement by India’s Narendra Modi to ban 500 and 100 rupee notes, millions of Indian rushed towards banks to exchange their big bucks to smaller denomination notes.
Similar changes could be expected in Pakistan, as per the notification issued by Federal Government on June 4, 2015, all old designed currency notes will cease to have legal value from December 1, 2016. Therefore, Rs10, 50, 100 and thousand rupees old designed currency notes are being phased out.
The old currency notes would not be accepted by any commercial bank after Nov 30, 2016. However, it is pertinent to inform that State Bank of Pakistan (SBP) will continue to accept these notes until December 31, 2021, according to local media reports.
Legal value of old designed currency note of five and five hundred rupees has already ended.
Comments
Comments are closed.