State Bank of Pakistan (SBP) has said that old-design currency notes ofRs10, 50, 100, and 1,000 are exchangeable till December 31, 2022.
These old-design banknotes can be exchanged from the counters of SBP BSCoffices across the country until the mentioned date.
In other words, these currency notes are exchangeable from SBP BSC Officeslocated at Karachi, Lahore, Peshawar, Quetta, Islamabad, Rawalpindi,Faisalabad, Multan, Gujranwala, Hyderabad, Sialkot, Sukkur, Bahawalpur,Muzaffarabad and D. I. Khan.
After December 31, 2022, these canceled banknotes will be non-returnable,said SBP, adding that ensure the exchange of old bank notes within thestipulated period to avoid loss of capital.
It is pertinent, SBP collects soiled and unfit banknotes from the marketand replaces them with fresh currency notes. Like other central banks, SBPissues new series of banknotes from time to time and demonetizes theearlier series with the approval of the Federal Finance Ministry.
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The issuance of new series and demonetization of the old design banknoteshelps central banks in checking counterfeiting and ensuring the integrityof banknotes in circulation.
The new series of banknotes was issued from 2005 to 2008 and the old designbanknotes have been slowly phased out from circulation. The government hastherefore decided to demonetize old design banknotes of Rs 10, 50, 100 and1000. These notes have ceased to be Legal Tender effective from 1stDecember 2016
