The last date to exchange old banknotes of Rs.10, Rs.50, Rs.100, and Rs.1000 from the State Bank of Pakistan is 22nd December 2022.
Last year, the Federal government of Pakistan vided the Gazette Notification F.No.2(1)IF-III/2010 that was given on 23rd December 2021. It extended the deadline to exchange the old note till 22nd December 2022.
The State Bank of Pakistan issued a statement today and clarified that the last date to get the banknotes exchanged is 31st December 2022 and not 22nd December. It said: “last and final deadline for exchange of such banknotes, upon expiry of which, these banknotes shall no longer be exchangeable from the counters of the SBP Banking Services Corporation (BSC) and thus will lose their value.”
The old banknotes can be exchanged with new notes from the field offices of the SBP BSC by 31st. Or else the old notes will lose any monetary value.
It is worthy to mention that the State Bank of Pakistan is the sole entity that issues banknotes in Pakistan. It ensures there is sufficient supply of good quality banknotes around the country.
The SBP also collects damaged or soiled banknotes from the citizens and gives them fresh banknotes in return.
Recently, SBP issued banknotes of Rs.75 to celebrate the 75 years of Pakistan’s independence.
Furthermore, SBP issues new series of banknotes from time to time. It also demonetizes the previous series of notes on the orders of Federal government only.
The constant issuance of banknotes and demonetization helps the State Bank of Pakistan to check and counter the fake banknotes. Thus, it ensures the integrity of the banknotes circulating in market is maintained.
The new series of banknotes was last issued from 2005 to 2008. The old banknote series are slowly being phased out. So, the federal government has decided to terminate the old designed large notes of Rs.10, Rs.50, Rs.100, and Rs.1000.
