State Bank of Pakistan Demonetize Older Currency Notes by December 2016

The federal Government has issued the gazette notification on 4 June 2016, in which they has adopted the policy to declare the old designs of the Pakistani currency note make ineffective from 01 December 2016. It has been decided that the old generation currency notes of Rs.10, 50, 100 and 1,000 will be changed in next three months. The State Bank of Pakistan has already changed the Rs. 500 and Rs 5 notes and it has been replaced with new designs and in metallic coin.

Now the microfinance and commercial banks will replace the currency notes, which have old designs and new designs of these notes are being introduced. The people should note that the last date for the replacement of the old notes with the new one is 30 November 2016 and they will get the new and fresh notes and coins from their private banks.

If the people miss the chance to replace their old notes with the new one, they can get them changed from the BSC field office of SBP and these offices will change the old notes for the next 5 years till 31 December 2021.

It is advised by the bank that people, who have money in their possession, and they have old notes, they should exchange it as early as possible and after the said date, these currency notes will not be considered have worth than a piece of paper. The State Bank of Pakistan issued the note of Rs.20 in 2005 to increase the durability, security and aesthetic quality. They redesigned notes like Rs.5, 10, 20, 50, 100, 500, 1000 and 5000 were finalized in design in 2008. Now the people can keep in their mind that all of the older notes will be replaced by the end of this year.

Pak Currency Old Notes