The State Bank of Pakistan (SBP) announced on Tuesday that the old design large size banknotes of Rs 10, 50, 100, and 1000 will no longer be exchangeable after December 31, 2022, according to a statement issued by the central bank.
On December 23, 2021, the federal government extended the deadline for exchanging old-style large-size banknotes of Rs 10, 50, 100, and 1000 by one year.
Holders of these old-designed large notes have been given one last chance to exchange them at SBP Banking Services Corporation (BSC) field offices by December 31, 2022.
It is once again emphasised that this is the final and final deadline for the exchange of such notes, after which they will no longer be exchangeable from the counters of the SBP BSC and thus lose their value,” the statement continued.
The general public is therefore urged to take advantage of this final opportunity to exchange their holdings of these notes from SBP BSC Field Offices by December 31, 2022, in order to protect the value of their savings in these notes, it stated.
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As per SBP’s External Relations Department press release, the statement reads
“The Federal Government vide Gazette Notification F.No.2(1)IF-III/2010 dated December 23, 2021, had extended the last date for exchange of old design large size banknotes of Rs 10, 50, 100 & 1000 by one year. The holders of these old design large banknotes have been given the last chance to exchange these old design large size banknotes from the field offices of the SBP Banking Services Corporation (BSC) by 31st December 2022.”
It also says that, “It is once again emphasized that this is 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 BSC and thus will lose their value. The general public is therefore, requested to avail this final opportunity and get their holdings of these banknotes exchanged from SBP BSC Field Offices by 31st December 2022 and protect the value of their savings in these banknotes.”