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Circulation of Old Currency notes to end by 2016: SBP

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KARACHI: The government has decided to phase out all old-designed currency notes till the end of next calendar year, said the State Bank on Wednesday.

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“As per federal government notification (June 4, 2015), such currency notes will cease to be legal tender from Dec 1, 2016,” said by SBP. Previously, Rs5 currency notes and the old designed Rs500 notes were demonetized. SBP said that Now all the remaining old-designed notes of Rs10, 50, 100 and 1,000 will be demonetized.

The State Bank issued new banknote series which started with the issuance of Rs20 denomination bank note in 2005 to improve security, durability and aesthetic quality of banknote. The process of issuance of complete series of new designed banknotes, comprising eight denominations (Rs5, 10, 20, 50, 100, 500, 1000 and 5000) was completed in 2008.

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The last day to exchange all old designed bank notes from banks is Nov 30, 2016. All old designed bank notes will cease to be legal tender on Dec 1, 2016 while the last day to exchange all such bank notes from SBP BSC field offices is Dec 31, 2021.

Only commercial and microfinance banks will accept the old designed bank notes of Rs10, 50, 100 and 1000 and exchange the same with the new bank notes and coins of all denominations up to Nov 30, 2016. However, SBP BSC field offices will continue to accept the old designed bank notes of Rs10, 50, 100 and 1000 from general public up to Dec 31, 2021.

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