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Pakistan central bank to phase out old design notes by December 2016

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.

Dubai: The State Bank of Pakistan has decided to phase out old design banknotes of Rs10, 50, 100 and 1,000 by December 2016, according to a statement issued on Wednesday.

Referring to the Federal Government’s Gazette Notification dated June 4, 2015, the central bank said old design banknotes will cease to be legal tender with effect from December 1, 2016.

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

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 process of issuance of complete series of new design banknotes comprising eight denominations, which includes Rs5, 10, 20, 50, 100, 500, 1,000 and 5,000, was completed in 2008.

The commercial and 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 & 1000 from general public up to December 31, 2021.

muzaffarrizvi@khaleejtimes.com