Old design banknotes cease to be legal tender with effect from Dec 1

ISLAMABAD: A Spokesman of the State Bank of Pakistan (SBP) has said that as per Federal Government’s Gazette Notification of June 4, 2015, the old design banknotes would cease to be legal tender with effect from December 1, 2016.The Spokesman in a statement said, it has now been decided to phase out all remaining old design banknotes of Rs 10, 50, 100 and 1000.He said that the Rs 5 banknote and the old design Rs 500 banknote have already been demonetized.