Courtesy: State Bank of Pakistan
Sunday, July 26, 2015
Tuesday, July 21, 2015
Monday, July 20, 2015
Circulation of Old Currency notes to end by 2016 (SBP)
The government
has decided to phase out all old-designed currency notes till the end of
next calendar year (State Bank of Pakistan)
“As per federal government notification
(June 4, 2015), such currency notes will cease to be legal tender from
Dec 1, 2016,” said by SBP. Previously, Rs. 5 currency notes and the old
designed Rs. 500 notes were demonetized. SBP said that Now all the
remaining old-designed notes of Rs. 10, 50, 100 and 1,000 will be
demonetized.
The State Bank issued new banknote
series which started with the issuance of Rs. 20 denomination bank note in
2005 to improve security, durability and aesthetic quality of banknote.
The process of issuance of complete series of new designed banknotes,
comprising eight denominations (Rs. 5, 10, 20, 50, 100, 500, 1000 and
5000) was completed in 2008.
The last day to exchange all old
designed bank notes from banks is Nov 30, 2016. All old designed bank
notes will cease to be legal tender on Dec 1, 2016 while the last day to
exchange all such bank notes from SBP BSC field offices is Dec 31,
2021.
Only commercial and microfinance banks
will accept the old designed bank notes of Rs. 10, 50, 100 and 1000 and
exchange the same with the new bank notes and coins of all denominations
up to Nov 30, 2016. However, SBP BSC field offices will continue to
accept the old designed bank notes of Rs. 10, 50, 100 and 1000 from
general public up to Dec 31, 2021.
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