Connect with us

Business

When is the last date to exchange old banknotes?

Published

2 years ago

on

The old-designed large-size banknotes of Rs10, Rs50, Rs100 and Rs1,000 can be exchanged from the State Bank of Pakistan (SBP) till December 31, 2022.

Last year, the federal government vide Gazette 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.

However, in a statement issued today the central bank clarified that December 31, 2022, is 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.”

The holders of these old designed large banknotes can exchange these notes from the field offices of the SBP BSC by December 31 in order to protect the value of their savings in these banknotes.

Why are the notes replaced?

It should be noted that the State Bank is the sole issuer of banknotes in the country ensuring an adequate supply of good quality banknotes across the country is among its key strategic goals.

The SBP collects soiled and unfit banknotes from the market and replaces them with fresh ones. Like other central banks, the SBP issues new series of banknotes from time to time and demonetises the earlier series with the federal government’s approval.

Furthermore, the approval for the demonetisation of banknotes is granted by the federal cabinet on the recommendations of the SBP Board in terms of section 25(2) of the SBP Act, 1956.

The issuance of new series and demonetization of the old-designed banknotes helps central banks in checking to counterfeit and ensuring the integrity of banknotes in circulation.

The new series of banknotes was issued from 2005 to 2008 and the old design banknotes have been slowly phased out from circulation. The federal government had therefore decided to demonetize old design banknotes of Rs10, Rs50, Rs100 and Rs1,000. 

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

Published

2 days ago

on

By

The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

Continue Reading

Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

Published

2 days ago

on

By

The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

Continue Reading

Business

Discos report losses of Rs239 billion.

Published

2 days ago

on

By

When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

Continue Reading

Trending