Demonetization of old design Banknotes after Dec 31. The State Bank of Pakistan announces the banning of large size notes of Rs 100, Rs 50, Rs 10, Rs 1000. SBP also issues instructions to the citizens to exchange the currency before December 31. Otherwise these notes will be worthless later.
State Bank issues a notification to demonetization of old design Banknotes after Dec 31. Further it states that old large size notes of Pakistani currency are going to be discontinued from December 31.
The message further said that if you want to save your currency, exchange these notes into new, modern and smaller sized currency notes.
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Issuing new series and phasing out old design banknotes helps central banks to prevent counterfeiting and ensure the integrity of banknotes in circulation. The new series of banknotes issued from 2005 to 2008 and the old design banknotes have almost disappeared from circulation. Hence, the federal government has decided to scrap the old design banknotes of Rs 10, 50, 100 and 1000.
SBP through Circular No. 2 dated 11th June 2015 has issued instructions to the banks that these old design banknotes are exchangeable with banks only till 30th November 2016. However, SBP BSC field offices will continue to accept old design banknotes from the public till 31 December 2022.