The State Bank of Pakistan (SBP) will begin issuing new banknotes on Thursday, December 29, 2022.
The new Governor, Jameel Ahmad, will sign the SBP Banking Services Corporation’s new banknotes.
The notes bearing his predecessors’ signatures will continue to be legal tender.
Previously, the State Bank of Pakistan (SBP) stated that large-sized banknotes with the old design and denominations of Rs. 10, Rs. 50, Rs. 100, and Rs. 1,000 could be exchanged at the SBP until December 31, 2022.
In Notification F.No.2(1)IF-III/2010, dated December 23, 2021, the federal government extended the deadline for exchanging old designed large-size banknotes.
In a statement, State Bank stated December 31, 2022, was the “last and final deadline for exchange of such banknotes, upon expiry of which, these banknotes shall no longer be exchangeable from the counters of the SBP Banking Services Corporation (BSC) and thus will lose their value.”
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