ISLAMABAD- The government of Pakistan has decided to demonetize all the old-designed currency notes till the next calendar year ends.
According to the statement given by State Bank of Pakistan, “As per federal government gazette notification (June 4, 2015), such currency notes will cease to be legal tender from Dec 1, 2016.”
Before this, the old designed currency notes of Rs.5 and Rs.500 were weeded out. Now the State Bank of Pakistan (SBP) has declared that all other old-designed notes including Rs.10, 50, 100, and 1000 would be demonetized.
It is pertinent to mention here that government introduced new series of banknotes for the sake of ensuring security, durability and quality which had initiated from the Rs.20 note in 2005.
The process of introducing new designs of currency notes was completed in 2008 when the notes of Rs.5, 10, 20, 50, 100, 500, 1000 and 5000 had been issued. The last date to exchange old banknotes with the new ones from banks is Nov 30th, 2016.
All the old designed notes would be devalued from Dec 1st, 2016, whereas the last date to exchange all such banknotes from SBP Bank Services Commission (BSC) field offices is Dec 31st.
But SBP BSC field offices will continue to accept the old designed notes of Rs.10, 50, 100 and 1000 from the public till Dec 31, 2021.
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