Certified receipts stick around for quite a while. Old currency notes take quite a long while and on occasion even an entire decade to supplant totally. Pakistan is at present experiencing a comparative change as old notes (those greater currency notes) are being eliminated and no currency notes from old times will be acknowledged anyplace in Pakistan, beginning December first, 2016. That said you might ask why it is compulsory to make them transfer in any case?
Design and Durability of New Currency Notes
State Bank of Pakistan (SBP) issued the new outlines with a specific end goal to enhance security, toughness and tasteful nature of the certified receipts. Old plan banknotes won’t be acknowledged by any bank after November 30th, 2016.
This factor applies to 10, 50, 100 and 1000 rupee notes of the more established plan. It merits specifying that despite the fact that different banks will quit tolerating these currency notes after November 30th this year, SBP will keep on accepting these notes until December 31st, 2021. For reference, here are the old monetary orders which will never again be acknowledged beginning December.
It is exceedingly impossible that despite everything you have old banknotes lying around and it is elusive them in reliable exchanges too. New outlines for Rs. 5, 10, 20, 50, 100, 500, 1000 and 5000 were issued in 2008. From that point forward the 5 Rupee note has been eliminated and supplanted by a 5 rupee coin. The 5 Rupee coin was additionally upgraded with the more up to date brilliant hued coin now being used. It is littler than the past coin also.
Not a single 10 Rupee Coin to be seen
Thundering about another 10 rupee coin was going about prior this year. It was expected to be affirmed on August 31st. However, no news has surfaced about the plan or the issuance of the new 10 rupee coin.
Typically coins are harder to monitor contrasted and notes. The currency notes are nearly less demanding to notice. Also, some surmise that the new coins would support the cheapening of the currency. The coin will be stronger contrasted with the note and harder to fake also. When you neglect to get your old notes traded before the last date, you can even now go to State Bank of Pakistan and get the currency notes supplanted from them.
Rs. 5000 Currency Notes Future
Finance Minister Ishaq Dar has uncovered that the administration was never considering demonetization of Rs 5,000 currency notes and withdrawal of Rs. 40,000 prize securities. On Monday, in a public interview, the minister said that these gossipy tidbits are totally outlandish and the legislature is not taking a gander at any proposition accordingly.
A brief history of Pakistani currency notes from 1947 to 2016 is shown here.