Home News Pakistan: the old design Rupees will cease to be legal tender

Pakistan: the old design Rupees will cease to be legal tender

The State Bank of Pakistan: the old design banknotes will cease to be legal tender with effect from 1st December 2016. Therefore, it has now been decided to phase out all remaining old design banknotes of 10, 50, 100 and 1000 Rupees. The 5-Rupees banknote and the old design 500-Rupees 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 20-Rupees 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 (5, 10, 20, 50, 100, 500, 1000 and 5000 Rupees) was completed in 2008.

The commercial banks will accept the old design banknotes of 10, 50, 100 and 1000 Rupees and exchange the same with the new design banknotes and coins of all denominations up to November 30, 2016 only. However, State Bank of Pakistan BSC field offices will continue to accept the old design banknotes of 10, 50, 100 and 1000 Rupees from general public up to December 31, 2021.

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 1, 2016 while the last day to exchange all such banknotes from State Bank of Pakistan BSC field offices is December 31, 2021.