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All old design banknotes to be demonetized from Dec 31

All old design banknotes to be demonetized from Dec 31

ISLAMABAD: according to Federal Government’s Gazette Notification dated June 04, 2015 the old outline banknotes will stop to be legitimate delicate with impact from December 01, 2016. Thusly it has now been chosen to eliminate all stay in gold configuration banknotes of Rs 10, 50, 100 and 1000, said an announcement issued by the State Bank of Pakistan here on Friday.

The Rs. 5 banknote and the old outline Rs. 500 banknote have as of now been demonetized.

It merits saying that the State Bank of Pakistan issued another outline banknote arrangement which began with the issuance of Rs20 division banknote in 2005 to enhance the security solidness and tasteful nature of banknotes.

The procedure of issuance of complete arrangement of new plan banknotes including eight categories (Rs 5 10 20 50 100 500 1000 and 5000) was finished in 2008.

The business and microfinance banks will acknowledge the old configuration banknotes of Rs 10 50 100 and 1000 and trade the same with the new outline banknotes and coins of all categories up to 30th November 2016 as it were.

In any case, SBP BSC field workplaces will keep on accepting the old configuration banknotes of Rs 10, 50, 100 and 1000 from overall population up to December 31 2021. The most recent day to trade all old outline banknotes from banks is November 30, 2016.

All old outline banknotes should stop to be lawful delicate on December 01 2016 while a day ago to trade every single such banknote from SBP BSC field workplaces is December 31, 2021.