Old design ban­knotes

Pakistan Observer - - ECONOMY WAYCH -

AMANULLAH KHAN KARACHI—All the old design ban­knotes will cease to be le­gal ten­der with ef­fect from 1st De­cem­ber 2016, as per Fed­eral Govern­ment’s Gazette No­ti­fi­ca­tion dated 4th June, 2015. The last day to ex­change all old design ban­knotes from banks is Novem­ber 30, 2016.All old design ban­knotes shall cease to be le­gal ten­der on De­cem­ber 01, 2016 while last day to ex­change all such ban­knotes from SBP BSC field of­fices is De­cem­ber 31, 2021. Ac­cord­ing to State Bank of Pak­istan, it has now been de­cided to phase out all re­main­ing old design ban­knotes of Rs 10, 50, 100 & 1000. The Rs 5 ban­knote and the old design Rs 500 ban­knote have al­ready been de­mon­e­tized.

It is worth men­tion­ing that the State Bank of Pak­istan is­sued a new design ban­knote se­ries which started with the is­suance of Rs 20 de­nom­i­na­tion ban­knote in 2005 to im­prove the se­cu­rity, dura­bil­ity and aes­thetic qual­ity of ban­knotes. The process of is­suance of com­plete se­ries of new design ban­knotes com­pris­ing eight de­nom­i­na­tions (Rs 5, 10, 20, 50, 100, 500, 1000 and 5000) was com­pleted in 2008.

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