Deadline to exchange old banknotes till December 31

The old-designed large-size banknotes of Rs10, Rs50, Rs100, and Rs1,000 can be exchanged from the State Bank of Pakistan (SBP) till December 31, 2022.

Last year in December, the federal government extended the last date for the exchange of old-designed large-size banknotes. 

However, in a statement issued on Tuesday, the SBP clarified that December 31, 2022, will be the “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 holders of these old designed large banknotes can exchange these notes from the field offices of the SBP BSC by December 31 in order to protect the value of their savings in these banknotes.

Pertinent to note, 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 had therefore decided to demonetize old design banknotes of Rs10, Rs50, Rs100, and Rs1,000.