KARACHI: The State Bank of Pakistan (SBP) has advised the all commercial and microfinance banks to stop the issuance of old design banknotes of Rs. 10 & Rs. 100 denominations w.e.f from April 01, 2015 (today), statement released by Finance Department of SBP.
However, these banknotes in circulation will remain ‘Legal Tender’ till further order. SBP directs the commercial and microfinance banks to accept these banknotes from public by exchanging the same with banknotes of new designs and coins of all denominations. SBP furthers advises the all banks to start surrendering the above design banknotes in suitable lots to the offices of SBP banking Services Corporation with immediate effect.
SBP is enhancing the security features of different denominations in a phased manner since 2006. Just 2 years ago, Rs 500 denomination old design note was withdrawn and ceases to be a legal tender since October 1, 2012. After that from November 1, 2013, re-issuance of old design banknote of Rs. 50 and Rs. 1000 was stopped from the counters of commercial and microfinance banks. Going forward, it has now been decided to stop re-issuance of Rs. 10 and Rs. 100 old design banknotes from the counters of commercial and microfinance banks.