“The old design banknotes of Rs 10, 50, 100 and 1000 are exchangeable from the SBP Banking Services Corporation till December 31, 2022,” the central bank said in a statement.

It states that the federal cabinet granted the approval for the demonetization of the banknotes on the recommendations of SBP in terms of section 25(2) of the SBP Act, 1956.

“The issuance of new series and demonetization of the old design banknotes helps central banks check counterfeits and ensure the integrity of banknotes in circulation,” the statement added.