State Bank is the sole issuer of banknotes in the country and ensuring adequate supply of good quality banknotes across the country is amongst its key strategic goals. It also collects soiled and unfit banknotes from the market and destroys and replaces them with fresh banknotes. Like other central banks, the SBP issues new series of banknotes after every 10-15 years and demonetizes the earlier series with the approval of Federal Government. Further, the approval for demonetization of banknotes is granted by Federal Cabinet on the recommendations of SBP Board in terms of section 25(2) of SBP Act, 1956.
The issuance of new series and demonetization of old design banknotes helps central banks in checking counterfeiting and ensuring the integrity of banknotes in circulation. The new series of banknotes was issued from 2005 to 2008 and the old design banknotes have almost eliminated from circulation. The Federal Government has therefore decided to demonetize old design banknotes of Rs 10, 50, 100 and 1000. These notes will cease to be Legal Tender effective from 1st December 2016.
SBP vide Circular No.2 dated 11th June 2015 issued instructions to the banks that these old design banknotes are exchangeable from banks till 30th November 2016 only. However, SBP BSC Field Offices will continue to accept the old design banknotes from general public upto 31st December 2021.
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