Banks directed to aware exchanging old banknotes State Bank of Pakistan

Banks directed to aware exchanging old banknotes

KARACHI: The State Bank of Pakistan (SBP) on Friday directed all commercial banks and microfinance banks to display messages to create awareness in general public regarding last date for exchanging old design banknotes.

The SBP said that the last date for exchanging the old banknotes of denominations of Rs10, 50, 100 and 1000 is December 31, 2022.

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The central bank said that it had issued FD Circular No.2 of 2015 dated June 11, 2015, regarding demonetization of old design banknotes of Rs. 10, 50, 100 and 1000, and cessation of legal tender status of these banknotes with effect from December 01, 2016.

Thereafter, these old design banknotes were exchangeable only from the offices of the SBP Banking Services Corporation offices up till December 31, 2021.

READ MORE: Old currency notes can be exchanged till December 2022

The Federal Government vide Gazette Notification F.No.2 (1) IF-III/2010 dated December 23, 2021, has extended the last date of exchange of these old design banknotes from the field offices of the SBP Banking Services Corporation up till December 31, 2022.

In order to enhance public awareness about extension in last date of exchange of these old design banknotes from the field offices of SBP Banking Services Corporation, the banks are advised to make the following arrangements on immediate basis:

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— Ensure display of message regarding the last date of exchange of old design banknotes at their websites. The message shall remain visible at their websites up to December 31, 2022.

— The messages shall be shown through an interactive web icon displaying attached poster regarding extension in the last date of exchange of old demonetized banknotes along with separate video message.

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