KARACHI- The State Bank of Pakistan on Wednesday set the last date for exchanging all old design banknotes of Rs10, 50, 100 and 1,000 denominations as Nov 30, 2016.
Commercial and microfinance banks will accept old design banknotes of Rs10, 50, 100 and 1,000 and exchange the same with new design banknotes and coins of all denominations.
However, SBP BSC field offices will continue to accept the old design banknotes of Rs10, 50, 100 and 1,000 from general public up to Dec 31, 2021. The last day to exchange all such banknotes from SBP BSC field offices is Dec 31, 2021.
The Rs5 and old design Rs500 banknotes have already been demonetized. It is worth mentioning the SBP issued a new design banknote series which started with the issuance of Rs20 denomination banknote in 2005 to improve security, durability and aesthetic quality of banknotes.