KARACHI: The State Bank of Pakistan (SBP) on Tuesday informed the public that old design large banknotes could not be exchanged after Dec 31, 2022.

According to a press statement issued by the Central Bank, the federal government vide Gazette Notification F.No.2(1)IF-III/2010 dated Dec 23, 2021, had extended the last date for exchange of old design large banknotes of Rs10, 50, 100 and 1,000 by one year. “The holders of these old design large banknotes have been given the last chance to exchange these old design large banknotes from the field offices of the SBP Banking Services Corporation (BSC) by 31st December 2022,” the statement added.

It is once again emphasized that this was the last and final deadline for exchange of such banknotes, upon expiry of which, these banknotes would no longer be exchangeable from the counters of the SBP-BSC (Banking Services Corporation) and thus would lose their value. The general public is therefore, requested to avail this final opportunity and get their holdings of these banknotes exchanged from SBP-BSC field offices by Dec 31, 2022 and protect the value of their savings, the statement added.