Last Date: Nov 30, 2016 is the last date to get your old notes exchanged

Lahore: Phasing out the old bank notes takes time. Although the new notes have been around for a while, the old notes often have a tendency to stick around.

State Bank of Pakistan issued the fresh designs in order to enhance the security, durability as well as aesthetic quality of the bank notes. The old design banknotes will not be accepted by any bank after 30^th of November.

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This statement implemented to the older design notes of Rupees 10, 50, 100 and 1000. It is important to mention here that, although other banks will stop accepting these notes after November 30^th, 2016 but State Bank of Pakistan will continue to accept these notes till December 31st, 2021.

The notes of 5 and 500 rupee have been successfully demonetized plus they are no longer accepted by any bank in Pakistan, including state Bank of Pakistan.

The innovative designs for Rs. 5, 10, 20, 50, 100, 500, 1000 and 5000 were issued in year 2008. Since then the 5 Rupee note has been phased out and replaced by a coin of rupees.

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A new coin of rupees 10 was due to be improved on August 31^st, 2016. Since then no news has surfaced regarding the design or the issuance of the new coin of rupees 10.

Generally coins are harder to keep track as compared to the notes. The notes are comparatively easier to notice as well as some think that the new coins will actually favor the deflation of the currency. The coin will be more durable as compared to the note and harder to fake as well.

You must keep remember to get your old notes of Rs 10, 50, 100 and 1000 exchanged by your respective banks before November 30^th,2016 to avoid loss due to not knowing regarding it.