All old design bank**tes to be demonetized from Dec 31

[ahlam1399]

All old design bank**tes to be demonetized from Dec 31

ISLAMABAD: As per Federal Government’s Gazette **tification dated June 04, 2015 the old design bank**tes will cease to be legal tender with effect from December 01, 2016. Therefore it has **w been decided to phase out all remain in gold design bank**tes of Rs 10, 50, 100 and 1000, said a statement issued by the State Bank of Pakistan here on Friday.

The Rs. 5 bank**te and the old design Rs. 500 bank**te have already been demonetized.

It is worth mentioning that the State Bank of Pakistan issued a new design bank**te ****** which started with the issuance of Rs20 de**mination bank**te in 2005 to improve the security durability and aesthetic quality of bank**tes.

The process of issuance of complete ****** of new design bank**tes comprising eight de**minations (Rs 5 10 20 50 100 500 1000 and 5000) was completed in 2008.

The commercial and microfinance banks will accept the old design bank**tes of Rs 10 50 100 and 1000 and exchange the same with the new design bank**tes and coins of all de**minations up to 30th **vember 2016 only.

However, SBP BSC field ******s will continue to accept the old design bank**tes of Rs 10, 50, 100 and 1000 from general public up to December 31 2021. The last day to exchange all old design bank**tes from banks is **vember 30, 2016.

All old design bank**tes shall cease to be legal tender on December 01 2016 while last day to exchange all such bank**tes from SBP BSC field ******s is December 31, 2021.



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