Notification: Demonetising old banknotes

KARACHI: As per the federal government’s Gazette notification dated June 4, 2014, the old design banknotes will cease to be legal tender with effect from December 1, 2016, said the State Bank of Pakistan. 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 of Rs500 banknote have already been demonetised. 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 till November 30, 2016 only. However, SBP BSC field offices will continue to accept the old design banknotes of Rs10, 50, 100 & 1000 from general public till December 31, 2021.

Published in The Express Tribune, August 6^th, 2015.

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