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Global Islamic Finance Report: Survey reveals need for Islamic banking legislation
Therefore, 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 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.
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The process of issuance of complete series of new design banknotes comprising eight denominations (Rs5, 10, 20, 50, 100, 500, 1,000 and 5,000) was completed in 2008. 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 Nov 30, 2016 only.
Published in The Express Tribune, August 9th, 2016.
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