Daily Times

ISLAMABAD: The deadline for exchanging outdated design banknotes of Rs10, 50, 100, and 1000 denominations has been extended by a year by the government.

Citizens can exchange outdated currency notes through the State Bank of Pakistan’s Banking Services Corporation (BSC) outlets till December 31, according to a statement released by the central bank.

“Deadline for exchange of old design banknotes of Rs10, 50, 100 and 1000 has been extended till 31Dec22. The public can exchange old banknotes with new ones from SBP(BSC) offices. Old banknotes are no more legal tender and cannot be used in transactions,” the SBP said.

Previously, the last date for the exchange of old notes was December 31, 2021.

According to the federal government’s gazette notification issued on December 23, 2021, upon expiry of the deadline, old design banknotes will stand cancelled, and will not be exchangeable.

“This is the final extension in the date of exchange of these banknotes granted by the Federal Government and the public is advised to avail this opportunity and exchange their old design banknotes through SBP BSC Offices till December 31, 2022,” the statement read.

It is pertinent to mention here that the Pakistan Muslim League-Nawaz (PML-N) government had banned the use of old design currency notes having values of Rs10, Rs50, Rs100 and Rs1,000 with effect from December 1, 2016.

However, the previous administration permitted outdated banknotes to be exchanged at commercial banks by the end of November 2016 and at SBP Banking Services Corporation (BSC) field offices until December 31, 2021.