Banknotes: Old designs to become illegal from Dec 2016

KARACHI:

As per the federal government’s Gazette notification date June 4, 2015, the old design banknotes will cease to be legal tender with effect from December 1, 2016, said the State Bank of Pakistan (SBP) on Monday.

“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 SBP issued a new design banknote series 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. 

Published in The Express Tribune, September 8^th,  2015.

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