The federal government’s gazette notification on 4th June 2016 and has announced the demonetization of older currency notes of Pakistani currency by 1st December 2016.
It has been finalized that all older generation currency notes of denominations Rs 10, 50, 100 and 1,000 will be entirely phased out in the next three odd months. The Rs 500 and Rs 5 bank notes have already been demonetized and replaced by a newly designed note and a metallic coin.Commercial and microfinance banks will replace the currency notes having old design with new ones.
The last date to get your notes (Rs 10, 50, 100 and 1000) exchanged with new fresh notes and coins from private banks is 30th November 2016.
If you somehow miss your chance to get the notes exchanged by then, you can still get them changed from SBP BSC field offices. These offices will only exchange the old notes for the next 5 years till December 31, 2021.
You are advised to make sure that any money you have in your possession, which may include these old notes, should be exchanged as soon as possible, or else it will cease to be legal tender and will not be worth more than a mere piece of paper.
As a reminder, State Bank of Pakistan issued the current Rs 20 notes back in 2005 to increase security, durability and aesthetic quality of the currency. The rest of the redesigned notes (Rs5, 10, 20, 50, 100, 500, 1,000 and 5,000) were finalized by 2008. These notes will completely replace the older notes by this year’s end.