Karachi: The State Bank of Pakistan (SBP) has extended the last date to exchange the old design banknotes of PKR 10, 50, 100 and 1,000 till December 31, 2022, a news advertisement by a private bank read. The banknotes will be rendered useless and in-exchangeable after the said due date.
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According to the advertisement, the notes can be exchanged at any of the central bank’s branches and sub-branches around the country. Furthermore, the SBP stated that the new banknotes of PKR 20, 500, and 5,000 will continue circulation. According to the central bank, outdated notes are being taken from the market in order to dissuade counterfeit notes and avoid fraud. The new currency notes have stronger security measures used by institutions throughout the world. As per the SBP official website, SBP, like other central banks, prints new series of banknotes on a regular basis and demonetise the previous series with the agreement of the Federal Government. Furthermore, in accordance with Section 25(2) of the SBP Act, 1956, the Federal Cabinet grants approval for banknote demonetization based on the recommendations of the SBP Board.
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The issuing of new series of banknotes, as well as the demonetization of previous design banknotes, assists central banks in combating counterfeiting and guaranteeing the integrity of banknotes in circulation. From 2005 to 2008, a new series of banknotes was created, and the previous design banknotes were gradually phased out of circulation.
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