Old Bank notes will be phased out by the federal government from 1st December, 2016. As per the Gazette Notification, the old bank currency of 10, 50 and 100 will no longer be used legally in Pakistan.
This notification was issued on 4th June, 2015 which stated mentioned bank notes to become obsolete by December 2016. With the date to arrive in about a month, the news is important for all. It should be noted that the government has already phased out Rs. 5 note and Rs. 500 notes legally.
As per the statement of spokesman from SBP, the bank had earlier issued series of newly designed bank notes back in 2005 in which Rs. 20 was thrown into the markets considering the aim to increase “security, durability and aesthetic quality of banknotes”.
In 2008, the issuance process started for new banknote series including Rs. 5, 10, 20, 50, 100, 500, 1000 and 5000 denominations. Now the commercial and microfinance banks will accept the old currency notes of Rs. 10, 50, 100 and 1000 till November, 30th 2016 and will exchange the coins / notes with the new.
On an informing note, the old design bank notes will be taken till 31st December 2016, but only at the SBP BSC field offices.