Govt Extends Deadline For Exchanging Old Banknotes

With a view to facilitating the public, the federal government upon recommendation of the State Bank of Pakistan (SBP) has extended the last date for exchanging old banknotes of Rs. 10, 50, 100, and 1000 by one year to December 31, 2022.

Previously, the last date for the exchange of old notes was December 31, 2021. As per the federal government’s Gazette Notification dated December 23, 2021, upon expiry of the period, the old design banknotes will stand canceled, and will not be exchangeable.

It is emphasized here that this is the final extension in the date of exchange of these banknotes granted by the federal government, and the public is advised to avail this opportunity and exchange their old design banknotes through the SBP Banking Services Corporation (BSC) Offices till December 31, 2022.

It is noteworthy to point out that having currency notes demonetized six years ago, the central bank has changed its mind about canceling them.

The vintage Rs. 500 banknotes were the last of the central bank’s historic series to have been dropped from circulation as the new currency notes were being pushed for immediate use. Historically, the country’s third-largest currency note was initially positioned for de-circulation on September 30, 2011, and this deadline was later extended to October 1, 2012.


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