SBP Announces Deadline to Exchange Old Banknotes

The last day to exchange old notes worth Rs. 10, 50, 100, and 1,000 have been set by the State Bank of Pakistan (SBP).

The deadline for exchanging old-style, large-size banknotes in the denominations of Rs. 10, 50, 100, and 1000 is December 31, 2022. Up until December 31, 2022, these old-style banknotes can be exchanged at the counters of SBP Banking Service Corporation (BSC) locations all around the state.

Only one banknote issuer in the state, State Bank, gathers dirty and unsuitable notes from the marketplace and replaces them with new notes. With the approval of the Federal Government, SBP demonetizes older series of banknotes while occasionally releasing new ones, as do other central banks.

Additionally, in accordance with section 25(2) of the SBP Act, 1956, the federal cabinet approves the demonetization of banknotes based on the recommendations of the SBP Board. Central banks can prevent counterfeiting and guarantee the integrity of circulation banknotes by issuing new series and demonetizing outdated designs. From 2005 through 2008, the new series of banknotes and the previous design were both released.

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Therefore, the federal government decided to demonetize outdated design banknotes that were no longer considered legal tender as of December 1, 2016.

The SBP BSC offices in Karachi, Lahore, Peshawar, Quetta, Islamabad, Rawalpindi, Faisalabad, Multan, Gujranwala, Hyderabad, Sialkot, Sukkur, Bahawalpur, Muzaffarabad, and D. I. Khan are locations where the Old Design Banknotes of Rs. 10, 50, 100, and 1000 can be exchanged.

Previously, December 31, 2021, was the last day to exchange old notes. It is significant to note that the central bank has changed its mind about erasing currency notes after having them demonetized six years ago.

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