KARACHI: Old design banknotes of Rs 10, Rs 50, Rs 100 and Rs 1000 will cease to be legal tender from December 1, 2016.
However, SBP-BSC field offices will continue to accept the old design banknotes of above mentioned dominations from general public up to Dec. 31, 2021, said a statement from State Bank of Pakistan (SBP) here Wednesday.
The Rs 5 banknote and the old design Rs 500 banknote have already been demonetized, it said.
SBP has announced the decision in compliance with the Federal Government's gazette notification of June 4, 2015.
SBP issued a new design banknote series starting 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.
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