The State Bank of Pakistan (SBP) will start issuing new set of banknotes from Thursday, December 29, 2022.
The new banknotes issued by the SBP Banking Services Corporation will bear the signature of the new Governor Jameel Ahmad.
Banknotes bearing signatures of his predecessors will continue to remain in circulation as legal tender.
Earlier, the SBP had said that banknotes of the old design, large-sized banknotes carrying denominations Rs10, Rs50, Rs100 and Rs1,000 can be exchanged from the State Bank of Pakistan (SBP) until December 31, 2022.
The federal government via Notification F.No.2(1)IF-III/2010 dated December 23, 2021, extended the last date for the exchange of old designed large-size banknotes.
State Bank in a statement said that 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.”