Pakistan Govt to phase out Old Currency Notes Till next Year

Karachi: State Bank of Pakistan has told that Government of Pakistan has decided to remove old currency notes till next year. According to the federal government issued notification, Pakistani currency notes will stop to be from 1^st December 2016. However, old designed currency notes of Rs 10, 50, 100 and 1000 will be ceased very soon.

The State Bank of Pakistan is all set to bring significant change in the currency notes as it is saying that Mohammad Ali Jinnah, Fatima Jinnah, Allama Iqbal and Liaqat Ali Khan’s pictures will be added in new notes. It is worth mentioning here that The State Bank issued a new banknotes series as Rs20 was the first denomination banknote which issued in 2005. A bank completed the process of issuance of new banknotes series which includes Rs5, 10, 20, 50, 100, 500, 1000 and 5000 notes in the year 2008.

However, 30^th November, 2016 is the last day to exchange old designed banknotes while banknotes from SBP BSC field offices can be exchanged till Dec 31, 2021. Commercial and microfinance banks will also exchange old banknotes and coins of all denominations till 30^th November, 2016.