The State Bank of Pakistan (SBP) has announced the last date to exchange old banknotes / currency notes of Rs. 10, 50, 100, and 1000.
According to the details, the last date to exchange old design large-size banknotes of Rs 10, 50, 100 & 1000 is December 31, 2022. Furthermore, these old design currency notes can be exchanged from the counters of SBP BSC offices the country until the mentioned date.
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
State Bank is the sole issuer of banknotes in the country ensuring adequate supply of good quality banknotes across the country is amongst its key strategic goals. Furthermore, the central bank collects soiled and unfit banknotes from the market and replaces them with fresh banknotes.
Like other central banks, SBP issues new series of banknotes / currency notes from time to time and demonetizes the earlier series with the approval of Federal Government. Further, the approval for demonetization of banknotes is granted by Federal Cabinet on the recommendations of SBP Board in terms of Section 25(2) of SBP Act, 1956.
The issuance of new series and demonetization of the old design banknotes helps central banks in checking counterfeiting and ensuring the integrity of banknotes in circulation.
The new series of banknotes was issued from 2005 to 2008 and the old design banknotes have been slowly phased out from circulation. Therefore, the Federal Government has therefore decided to demonetize the old design banknotes of Rs. 10, 50, 100, 1000.
It is pertinent to mention that these banknotes have already ceased to be a legal tender from December 1, 2016.
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