KARACHI: The State Bank of Pakistan (SBP) has announced December 31, 2022, as the final date for exchanging old banknotes of Rs10, 50, 100, and 1,000.
“The last date to exchange old designed large-size banknotes of Rs10, 50, 100 & 1000 is December 31, 2022. These old-design banknotes can be exchanged from the counters of SBP Banking Service Corporation (BSC) offices across the country till December 31, 2022,” the SBP said in a Tweet on Tuesday.
The last date to exchange old designed large size banknotes of Rs 10, 50, 100 & 1000 is December 31, 2022. These old design banknotes can be exchanged from the counters of #SBP BSC offices across the country till December 31, 2022. Details: https://t.co/g8oJf1kmhs pic.twitter.com/Xk6ma63UxQ
— SBP (@StateBank_Pak) October 25, 2022
The central bank stated that the old currency notes are exchangeable from the offices of the SBP Banking Services Corporations.
“The Old Design Banknotes of Rs10, 50, 100, and 1000 are exchangeable from the offices of the SBP BSCs located at Karachi, Lahore, Peshawar, Quetta, Islamabad, Rawalpindi, Faisalabad, Multan, Gujranwala, Hyderabad, Sialkot, Sukkur, Bahawalpur, Muzaffarabad and D. I. Khan,” it added.
Additionally, in accordance with section 25(2) of the SBP Act, 1956, the federal cabinet approves the demonetization of banknotes based on the recommendations of the SBP Board. Central banks can prevent counterfeiting and guarantee the integrity of circulation banknotes by issuing new series and demonetizing outdated designs. From 2005 through 2008, the new series of banknotes and the previous design were both released.
Therefore, the federal government decided to demonetize outdated design banknotes that were no longer considered legal tender as of December 1, 2016.
