Breaking News - Old currency notes - New deadline - Big news - State Bank of Pakistan - SBP - PKR

Breaking News - Old currency notes - New deadline - Big news - State Bank of Pakistan - SBP - PKR - Pak Rupee News
KARACHI: The State Bank of Pakistan (SBP) has extended the deadline for exchanging the old banknotes of four denominations that were demonetised six years ago after the approval of the federal government.

According to a statement issued by the central bank on its official website, the government has extended the last date for exchanging the old-designed and large-sized banknotes of Rs10, 50, 100 and 1,000 till December 31, 2022.

The SBP directed that the general public can exchange these old currency notes at the branches of commercial banks and SBP's Banking Services Corporations.

“These banknotes are exchangeable at SBP BSC Offices located in Karachi, Lahore, Peshawar, Quetta, Islamabad, Rawalpindi, Faisalabad, Multan, Gujranwala, Hyderabad, Sialkot, Sukkur, Bahawalpur, Muzaffarabad and D I Khan,” the statement read.
Why are the notes replaced?

The central bank clarified that the state bank is the sole issuer of banknotes in the country. Ensuring an adequate supply of good quality banknotes across the country is among its key strategic goals.

“SBP collects soiled and unfit banknotes from the market and replaces them with fresh banknotes. Like other central banks, SBP issues new series of banknotes from time to time and demonetises the earlier series with the approval of the federal government," the statement said.

"Further, the approval for demonetisation of banknotes is granted by the federal cabinet on the recommendations of the SBP Board in terms of section 25(2) of SBP Act, 1956."

In a statement, the SBP said that the issuance of new series and the demonetisation of old-design banknotes will help central banks prevent counterfeiting and ensure the integrity of banknotes in circulation.

The new series of banknotes was issued from 2005 to 2008 and the old design banknotes have been slowly phased out from circulation. The federal government has therefore decided to demonetise old design banknotes of Rs10, 50, 100 and 1000.
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