SBP announces demonetisation of old design banknotes

ISLAMABAD, February 09: State Bank (SBP) has issued directives of replacement of currency bills bearing old design by November 30.
The State Bank stated that legality of old bills would end by December this year.
Commercial banks and micro-finance departments in the country according to the State Bank of Pakistan would entertain customers with old bills of Rs 10, Rs 50 Rs 100 and Rs 1,000 until November 30.
Notification issued by the bank stated that all field offices across the country would continue to accept old bills until December 2021.
It should be mentioned here that Rs 5 and Rs 500 banknote have already been demonetized. The State Bank issued a fresh design banknote series starting with Rs 20.By 2008, issuance of eight denominations, Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 500, Rs 1000, Rs 5000 was completed.-Agencies