It generally takes time to get rid of the old bank notes especially in our part of the world. Although the brand new ones are produced less often, the old ones stay with us for a long time before they expire. However, State Bank of Pakistan (SBP) has declared that an individual can exchange old currency notes with new ones by 30th November 2016.
Replace the old currency notes out with new ones
The question arises that what is the point of changing the design? Well, in order to improve the level of security, the durability and visual appearance of the banknotes, SBP issues notes with new designs.
This is to inform the general public that the SBP has recently declared 30th November 2016 as the last date to get rid of your old notes and exchange it with new ones. Moreover, the old notes would be ceased of its status as legal tender on 1st December 2016.
You can get your old 10, 50, 100 and 1000 rupee notes exchanged with new designed notes. However, old 5 and 500 rupee notes cannot be exchanged because they have been demonetized by SBP already. As a result, none of the bank or either SBP will accept such current notes.
Even if any individual gets failed to exchange old currency notes in the due time, they can always have them replaced until 31st December 2021 as SBP will be only accepting such notes.
It is pertinent to mention that the new designs for 10, 20, 50, 100, 500, 1000 and 5000 rupee notes came into the market in 2008. Similarly, the 5 rupee note was replaced with a coin. SBP even renewed the design of the coin by changing its color to golden. In addition the size was also redesigned and it is now comparatively smaller than the preceding one.
Update on 10 rupee coin
There were rumors about 10 rupee note to be exchanged with an improved coin. It was supposed to be issued on 31st August this year. However, there is no such news about the design and its issuance as of yet. Furthermore, nobody is sure whether 10 rupee coin would be issued in near future or not.
In comparison to banknotes, coins are hard to carry. Most of the people are of the view that using coins would devaluate the currency. However, they are still durable and they cannot be faked.
So hurry up and exchange all your old currency notes with the new ones before time runs out.
image credit: samaalive.