Demonetized old-design currency notes: SBP extends exchangeability deadline

KARACHI: Following the federal government directives, the State Bank of Pakistan (SBP) has announced extension in the last date of exchange of old design banknotes by one year.

Demonetization of old design banknotes of Rs. 10, 50, 100 and 1,000, was initiated in June 2015 with cessation of legal tender status of these banknotes with effect from December 1, 2016.

Thereafter, these old design banknotes were exchangeable only from the offices of the SBP Banking Services Corporation offices up till December 31, 2021. However, in order to facilitate the general public the federal government has further extended the last date of exchange of these old design banknotes from the field offices of the SBP Banking Services Corporation (BSC). Now, old design banknotes of Rs. 10, 50, 100 and 1000 can be exchanged up till December 31, 2022 from the SBP BSC offices.

In order to enhance public awareness about extension in last date of exchange of these old design banknotes from the field offices of SBP Banking Services Corporation, SBP has advised the banks to make some arrangements on immediate basis for Public Awareness regarding extension in last date of exchangeability of demonetized old design banknotes of Rs. 10, 50, 100 and 1000.

Banks have been asked to ensure display of message regarding the last date of exchange of old design banknotes at their websites. As per SBP directives, the messages will be shown through an interactive web icon displaying attached poster regarding extension in the last date of exchange of old demonetized banknotes along with separate video message. The message will remain visible at their websites up to 31st December 2022, the SBP maintained.

Copyright Business Recorder, 2022