The old design banknotes will cease to be legal tender with effect from December 1 and it has been decided to phase out all remaining old design banknotes of Rs 10, 50, 100 and 1000.
The Rs 5 banknote and the old design Rs 500 banknote have already been demonetized.
According to a statement of State Bank of Pakistan (SBP) issued on Wednesday, the decision in this regard has been taken as per Federal Government’s Gazette Notification issued on June 4, 2015.
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/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.
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.
