All old design currency notes will cease to be legal tender with effect from December 1, 2016.
As per Federal Government’s Gazette Notification dated June 4, 2015 all old design currency notes will cease to be legal tender with effect from December 1, 2016 Therefore, it has now been decided to phase out all remaining old design currency notes of Rs.10, Rs.50, Rs.100 and Rs. 1,000.
The Rs. 5 currency note and the old design Rs. 500 banknote have already been demonetized.
According to the statement, State Bank of Pakistan issued a new design banknote series that started with the issuance of Rs.20 denomination banknote in 2005. The step was taken to improve the security, durability and aesthetic quality of currency notes.
The commercial/micro-finance banks will accept the old design banknotes of Rs.10, Rs.50, Rs.100 and Rs.1,000 and exchange the same with the new design banknotes and coins of all denominations until November 30, 2016.
However, the last day to exchange all such banknotes from field offices of SBP is December 31, 2021.
