Deadline for Exchanging Old Design Banknotes Has been Announced

Deadline for Exchanging Old Design Banknotes Has been Announced

No doubt, to buy something you need money. But what if the banknotes you have is canceled by the respective government? Of course, you will not be able to buy because the money you own is outdated. But do not worry. Before canceling banknotes, the central bank of the country allows you to exchange your demonetized banknotes. Hence, you can easily have the new currency

Such a chance has been provided to Pakistanis by the federal government of Pakistan. On the proposal of the State Bank of Pakistan (SBP), the federal government has extended the deadline for exchanging outdated banknotes of Rs. 10, 50, 100, and 1000. Which means you can easily exchange your old banknotes till December 31, 2022. 

The previous deadline for exchanging outdated notes was December 31, 2021. The old design banknotes will be canceled and not exchangeable when the deadline expires, according to a federal government Gazette Notification of December 23, 2021.

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Moreover, It should be noted that this is the federal government’s final extension of the date for exchanging these old design banknotes, and the public is encouraged to take advantage of this opportunity and exchange their old design banknotes from the BSC ( SBP Banking Services Corporation ) Office until December 31, 2022. It is notable that after monetizing banknotes six years ago, the central bank changed its mind about canceling them.

Besides, vintage Rs. 500 was the last historic series of central banks that was withdrawn from circulation. while new banknotes were pushed for immediate use.

Historically, the third-largest banknote of our country was originally issued on September 30, 2011, and its deadline was later extended to October 1, 2012.

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