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When is the last date to exchange old banknotes?

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2 years ago

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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. 

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In interbank trade, the Pakistani rupee beats the US dollar.

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6 days ago

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In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

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Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

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1 week ago

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The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

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Business

The inflation rate in Pakistan dropped to its lowest level.

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1 week ago

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On December 2, core inflation as determined by the Consumer Price Index (CPI) significantly slowed, falling to 4.9% in November 2024 from 7.2 percent in October 2024.

The CPI-based inflation rate for the same month last year (November 2023) was 29.2%, according to PBS data.

Compared to a 1.2% gain in the prior month, it increased by 0.5% month over month in November 2024.

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