KARACHI: SBP (State Bank of Pakistan) has reminded once again that from first December 2016, legal status of old designed banknotes will be finished. In this regards, the federal government had issued a Gazette notification on June 4, 2015.
The legal status of the old designed Rs.5 and Rs.500 denominations banknotes has already been finished. The remaining Rs. 10, Rs. 50, Rs. 100 and Rs. 1000 ‘s old designed notes will also be phased out.
It is now clear that the Micro-finance and Commercial bank will not accept Rs. 10, Rs. 50, Rs. 100 and Rs. 1000 old design notes after November 30, 2016 and will also not exchange the banknotes with old design into new designed Notes.
It is clear that the Central Bank of Pakistan has issued the series of new designed banknotes of Rs. 20 in 2005. The objective behind it was aesthetic quality, durability and security of banknotes. The complete series of new banknotes issued in 2008 includes the Rs. 5, Rs. 10, Rs. 20, Rs. 50, Rs. 500, Rs. 1000 and Rs. 5000 Denominations.
People are advised to exchange old designed banknotes from banks by November 30, 2016. banknotes with old design will not be accepted from December for transactions after the expiry of the said date.