KARACHI: State Bank of Pakistan (SBP) on Wednesday said that as per Federal Government’s Gazette Notification dated June 4, 2015, the old design banknotes will cease to be legal tender with effect from 1st December 2016. Therefore, it has now been decided to phase out all remaining old design banknotes of Rs10, 50, 100 & 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 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 1000 and exchange the same with the new design banknotes and coins of all denominations up to November 30, 2016.
Published in The Express Tribune, April 7th, 2016.
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