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ISLAMABAD: State Bank of Pakistan (SBP) has extended the last date to exchange old designed large size banknotes by one year.
These old design banknotes of Rs 10, 50, 100 & 1000 can now be exchanged from the counters of SBP’s Banking Services Corporations (BSC) offices across the country till December 31, 2022.
These banknotes are exchangeable from SBP BSC Offices located in Karachi, Lahore, Peshawar, Quetta, Islamabad, Rawalpindi, Faisalabad, Multan, Gujranwala, Hyderabad, Sialkot, Sukkur, Bahawalpur, Muzaffarabad and D. I. Khan
SBP is the sole issuer of banknotes in the country ensuring adequate supply of good quality banknotes across the country is among its key strategic goals.
SBP collects soiled and unfit banknotes from the market and replaces them with fresh banknotes. Like other central banks, SBP issues new series of banknotes from time to time and demonetizes the earlier series with the approval of the federal government.
The approval for demonetization of banknotes is granted by the federal cabinet on the recommendations of SBP Board in terms of Section 25(2) of SBP Act, 1956.
The issuance of new series and demonetization of the old design banknotes helps central banks in checking counterfeit and ensuring the integrity of banknotes in circulation.
The new series of banknotes was issued from 2005 to 2008 and the old design banknotes have been slowly phased out from circulation. The government decided to demonetize old design banknotes of Rs 10, 50, 100 and 1000 which ceased as legal tender effective from December 1, 2016.
