Phasing out old bank notes takes time. Even though the new ones have been around for a while, the old notes often have a tendency to stick around.
Out With the Old, In With the New
Why do we change the design of the banknotes in the first place? State Bank of Pakistan issued the new designs in order to improve security, durability and aesthetic quality of the bank notes. Old design banknotes will not be accepted by any bank after November 30th, 2016.
This applies to 10, 50, 100 and 1000 rupee notes of the older design. It is worth mentioning that even though other banks will stop accepting these notes after November 30th this year, SBP will continue to accept these notes until December 31st, 2021.
5 and 500 rupee notes have been successfully demonetized and are no longer accepted by any bank in Pakistan, including SBP.
New designs for Rs. 5, 10, 20, 50, 100, 500, 1000 and 5000 were issued in 2008. Since then the 5 Rupee note has been phased out and replaced by a 5 rupee coin instead.
New 10 Rupee Coin
A new 10 rupee coin was due to be improved on August 31st this year. Since then no news has surfaced about the design or the issuance of the new 10 rupee coin.
Normally coins are harder to keep track of compared with notes. The notes are comparatively easier to notice and some think that the new coins would actually favor the devaluation of the currency.The coin will be more durable compared to the note and harder to fake as well.
Remember to get your old 10, 50, 100 and 1000 Rupee notes exchanged by your respective banks before November 30th this year to avoid loss due to not knowing about it.