KARACHI: The last date for exchanging all old design banknotes — of Rs10, 50, 100 and 1,000 denominations — is Nov 30, 2016.

The State Bank on Wednesday warned the general public that all old design banknotes will cease to be legal tender on Dec 1, 2016 and must be exchanged in time.

Commercial and microfinance banks will accept old design banknotes of Rs10, 50, 100 and 1,000 and exchange the same with new design banknotes and coins of all denominations.

However, SBP BSC field offices will continue to accept the old design banknotes of Rs10, 50, 100 and 1,000 from general public up to Dec 31, 2021. The last day to exchange all such banknotes from SBP BSC field offices is Dec 31, 2021.

Demonitised notes

The Rs5 and old design Rs500 banknotes have already been demonetised. It is worth mentioning the SBP issued a new design banknote series which started with the issuance of Rs20 denomination banknote in 2005 to improve security, durability and aesthetic quality of banknotes.

The process of issuance of complete series of new design banknotes comprising eight denominations (Rs5, 10, 20, 50, 100, 500, 1,000 and 5,000) was completed in 2008.

Published in Dawn, November 3rd, 2016