Old design banknotes of Rs 50 & Rs 1000 to phase out
The
State Bank of Pakistan has decided to phase out the old design banknote of Rs.
50 & Rs 1000 denominations. The commercial/microfinance banks will stop
issuance of old design banknote of Rs. 50 & Rs 1000 denominations with
effect from 1st November, 2013 (Friday). However these banknotes in
circulation will remain legal tender till further order. The commercial/microfinance
banks have been advised to accept these banknotes from the public by exchanging
the same with banknotes and coins of all other denominations. Banks shall start
surrendering the above old design banknotes in suitable lots to the offices of
SBP Banking Services Corporation in due course.
The
State Bank of Pakistan has decided to phase out the old design banknote of Rs.
50 & Rs 1000 denominations. The commercial/microfinance banks will stop
issuance of old design banknote of Rs. 50 & Rs 1000 denominations with
effect from 1st November, 2013 (Friday). However these banknotes in
circulation will remain legal tender till further order. The commercial/microfinance
banks have been advised to accept these banknotes from the public by exchanging
the same with banknotes and coins of all other denominations. Banks shall start
surrendering the above old design banknotes in suitable lots to the offices of
SBP Banking Services Corporation in due course. 
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