ISLAMABAD: The government has extended by a year the deadline for exchanging outdated design banknotes in denominations of Rs10, 50, 100, and 1000.
Citizens can exchange outdated currency notes through the State Bank of Pakistan’s Banking Services Corporation (BSC) outlets till December 31, according to a statement released by the central bank.
“Deadline for exchange of old design banknotes of Rs10, 50, 100 and 1000 has been extended till 31Dec22. Public can exchange old banknotes with new ones from SBP(BSC) offices. Old banknotes are no more legal tender and cannot be used in transactions,” the SBP said.
Deadline for exchange of old design banknotes of Rs10, 50, 100 and 1000 has been extended till 31Dec22. Public can exchange old banknotes with new ones from SBP(BSC) offices. Old banknotes are no more legal tender and cannot be used in transactions. See https://t.co/fHtD0QzvI8
— SBP (@StateBank_Pak) January 7, 2022
The previous deadline for exchanging outdated notes was December 31, 2021.
According to a federal government gazette announcement dated December 23, 2021, obsolete design banknotes will be cancelled and no longer be exchangeable after the time has passed.
“This is the final extension provided by the Federal Government in the date of exchange of these banknotes, and the public is recommended to take advantage of this opportunity and exchange their old design banknotes through SBP BSC Offices until December 31, 2022,” the statement stated.
It’s worth noting that, as of December 1, 2016, the Pakistan Muslim League-Nawaz (PML-N) administration had banned the usage of previous design currency notes with denominations of Rs10, Rs50, Rs100, and Rs1,000.
However, the previous administration permitted outdated banknotes to be exchanged at commercial banks by the end of November 2016 and at SBP Banking Services Corporation (BSC) field offices until December 31, 2021.
