• June 13, 2022

Important announcement of SBP regarding exchange of old notes

KARACHI: State Bank of Pakistan (SBP) has announced extension of deadline for exchange of old banknotes of Rs 10, 50, 100 and 1000 after approval of federal government.

According to a statement issued by the State Bank of Pakistan (SBP), for the convenience of the public, the government has extended the last date for exchange of old banknotes of Rs 10, 50, 100 and 1000 till December 31, 2022. Is.

The central bank said that old currency notes could be exchanged at the offices of SBP Banking Services Corporations.

The statement said, “These banknotes are SBPBS located in Karachi, Lahore, Peshawar, Quetta, Islamabad, Rawalpindi, Faisalabad, Multan, Gujranwala, Hyderabad, Sialkot, Sukkur, Bahawalpur, Muzaffarabad and DI Khan. Can be changed from C Office. ”

Why were the notes exchanged?

The Central Bank clarified that SBP is the sole issuer of banknotes in the country and ensuring adequate supply of good quality banknotes across the country is one of its key strategic objectives.

SBP collects dirty and obsolete banknotes from the market and replaces them with fresh notes. Like other central banks, SBP periodically issues new series of banknotes.

The issuance of new series and cancellation of old denomination banknotes will help central banks to prevent counterfeit notes and ensure the integrity of banknotes in circulation.

The new series of banknotes was issued from 2005 to 2008 and the old design banknotes have been gradually removed from circulation. Has decided

 

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