Karachi: Federal Government has decided to end the legal status of the old currency notes from December 1st, 2016.
According to the gazette notification issued by the Federal Government, it states that from December 1st, 2016 the legal status of the old design bank notes will end and no buying or selling will be able to done with those currency notes.
In the notification it has been stated that legal status of the old design currency notes of 10, 15, 100, 1000 rupees will end once and for all. The legal status of the old 5 and 500 rupee note have already been ended.
State Bank of Pakistan (SBP) introduced the series of new design currency notes in 2005 which started from rupee 20 bank note. Its objective was to better the standard of security, sustainability and visual appealing of the currency notes.
The complete series of 8 new design currency notes (5, 10, 20, 50, 100, 500, 1000 and 5000) were introduced by the State Bank of Pakistan (SBP) in 2008.
Commercial and Micro-finance banks will deal with and replace the old design currency notes of rupees 10, 50, 100 and 1000 till November 30th, 2016. Although, the field offices of SBP will accept these notes till December 31st, 2021.