State Bank of Pakistan to phase out old notes

The State Bank of Pakistan (SBP) recently announced it will phase out all remaining 10-, 50-, 100- and 1000-rupee banknotes featuring the old design.

The old banknotes will cease to be legal tender in December 2016.

“The Rs 5 banknote and the old design Rs 500 banknote have already been demonetized,” a press release issued by the SBP stated. “It is worth mentioning that the State Bank of Pakistan 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 newly designed banknotes, in denominations of 5, 10, 20, 50, 100, 500, 1000 and 5000 rupees, was completed in 2008. Pakistan’s commercial banks will only accept the old 10-, 50-, 100- and 1000-rupee banknotes in exchange for the newly designed banknotes until Nov. 30.

However, the SBP field offices will continue to accept the old banknotes from the general public until Dec. 31, 2021.

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