New design: Demonetisation of old banknotes

KARACHI:

As per the federal government’s Gazette Notification dated 4th June, 2015, the old design banknotes will cease to be legal tender with effect from December 1, 2016.

It has now been decided to phase out all remaining old design banknotes of Rs10, 50, 100 and 1,000. The Rs5 banknote and the old design Rs500 banknote have already been demonetised.

It is worth mentioning that the State Bank of Pakistan (SBP) issued a new design banknote series which started with the issuance of Rs20 denomination banknote in 2005 to improve the security, durability and aesthetic quality of banknotes. The commercial/microfinance banks will accept the old design banknotes of Rs10, 50, 100 and 1,000 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 Rs10, 50, 100 and 1,000 from the general public up to December 31, 2021. 

Published in The Express Tribune, June 18^th,  2015.

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