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SBP Announces Deadline to Exchange Old Design Banknotes in Pakistan

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SBP Announces Deadline to Exchange Old Design Banknotes in Pakistan

(CTN News) – The last day to exchange old banknotes of Rs. 10, 50, 100, and 1,000 have been set by the State Bank of Pakistan (SBP).

The deadline for exchanging old-style, large-size banknotes in the denominations of Rs. 10, 50, 100, and 1000 is December 31, 2022. Up to December 31, 2022, these old-style banknotes may be exchanged at the counters of SBP Banking Service Corporation (BSC) locations all around the nation.

The only banknote issuer in the nation, State Bank, gathers dirty and unsuitable notes from the marketplace and replaces them with new notes.

With the consent of the Federal Government, SBP demonetizes older series of banknotes while sometimes releasing new ones, as do other central banks.

Additionally, following section 25(2) of the SBP Act, 1956, the federal cabinet approved the demonetization of banknotes based on the recommendations of the SBP Board.

Central banks may prevent counterfeiting and guarantee the integrity of circulation banknotes by issuing new series and outdated demonetizing designs. The previous design banknotes were gradually withdrawn when the new banknotes were released from 2005 to 2008.

Therefore, the federal government decided to demonetize obsolete design banknotes that were no longer considered legal tender as of December 1, 2016.

The SBP BSC offices in Karachi, Lahore, Peshawar, Quetta, Islamabad, Rawalpindi, Faisalabad, Multan, Gujranwala, Hyderabad, Sialkot, Sukkur, Bahawalpur, Muzaffarabad, and D. I. Khan accept notes of Rs. 10, 50, 100, and 1000 for exchange.

Previously, December 31, 2021, was the final day to exchange old notes. It is significant to note that the central bank has changed its mind on erasing currency notes after having them demonetized six years ago.

The old Rs. 500 banknotes were the last of the historical series of the central bank’s notes to be taken out of circulation as the new currency notes were pressed for immediate usage.

The third-largest currency note in circulation was scheduled to be removed from circulation on September 30, 2011; however, this date was subsequently moved to October 1, 2012.

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