Date Extended for Exchanging Old Banknotes: SBP
The State Bank of Pakistan (SBP) has extended the deadline for exchanging outmoded design banknotes of PKR 10, 50, 100, and 1,000 to December 31, 2022, according to a news release published by a private bank in Karachi. After the specified date, the banknotes will no longer be valid or useful.
According to the advertisement, the notes can be exchanged at any of the central bank’s branches and sub-branches around the nation. In addition, the SBP affirmed that the new PKR 20, 500, and 5,000 banknotes will stay in circulation. According to the central bank, obsolete currency is being removed from circulation to combat counterfeiting and fraud. The new currency notes are utilized by institutions globally due to their enhanced security features.
According to the SBP’s official website, the SBP, like other central banks, regularly issues new series of banknotes and demonetizes older series with the approval of the Federal Government. In addition, in accordance with Section 25(2) of the SBP Act of 1956, the Federal Cabinet approves the demonetization of banknotes based on the recommendations of the SBP Board.
The introduction of new banknote series and the demonetization of previous designs aid central banks in combating forgery and preserving the integrity of banknotes in circulation. Between 2005 and 2008, a new series of banknotes was released, and the previous design was gradually phased out of circulation.
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