Extension of date for exchange of old currency notes

 Extension of date for exchange of old currency notes

Old notes of 100, 50, 10 and 1000 will no longer be usable after December 31, SBP said

The State Bank of Pakistan (SBP) has once again extended the date of exchange of old currency notes. I want to ensure proper supply of good quality currency notes.

A statement issued on Friday said that the SBP collects dirty and obsolete notes from the market and replaces them with new notes for which the SBP, like other central banks, issues new series of currency notes from time to time. And eliminates the old series with the approval of the federal government. According to the SBP, the issuance of new series and removal of old design notes will help the central banks to prevent counterfeiting and ensure the integrity of banknotes in circulation. 

The new series of banknotes was issued from 2005 to 2008 and the old design notes were gradually removed from circulation so the federal government decided to eliminate the old design banknotes of Rs. It has been decided that these notes have expired for legal tender from December 1, 2016. 

According to the statement issued by SBP, the date of exchange of old notes of Rs. 10, 100, 50 and 1000 has been extended till December 31. Old notes can be exchanged at the State Bank office.

Old design notes can be exchanged at SBP offices in Karachi, Lahore, Peshawar, Quetta, Islamabad, Rawalpindi, Faisalabad, Multan, Gujranwala, Hyderabad, Sialkot, Sukkur, Bahawalpur, Muzaffarabad and DI Khan. 

''Old notes of 100, 50, 10 and 1000 will no longer be usable after 31st December.''