SBP to phase out old-designed Rs50 and Rs1000 banknotes
- October 30, 2013, 6:38 pm
- Business News
- 143 Views
KARACHI, Oct 30 (Online): The State Bank of Pakistan has decided to phase out the old-designed banknotes of Rs50 & Rs1000 denominations.
In a statement, the central bank said that the commercial/microfinance banks will stop issuance of old design banknote of Rs50 & Rs1000 denominations with effect from 1st November, 2013 (Friday).
However, these banknotes in circulation will remain legal tender till further order.
The commercial/microfinance banks have been advised to accept these banknotes from the public by exchanging the same with banknotes and coins of all other denominations.
Banks shall start surrendering the above-referred banknotes in suitable lots to the offices of SBP Banking Services Corporation in due course, the statement added.
