The federal government Friday announced an extension in the last date for exchanging old banknotes of Rs10, 50, 100 and 1,000 on the recommendation of the central bank, reported 24NewsHD TV channel.

According to a statement issued by the State Bank of Pakistan (SBP), the government has extended the last date for exchanging old banknotes of Rs10, 50, 100 & 1000 by one year to December 31, 2022, in order to facilitate the public.

It is pertinent to mention here that previously, the last date for the exchange of old notes was December 31, 2021.

"As per the federal government’s gazette notification dated December 23, 2021 upon expiry of the period, the old design banknotes will stand cancelled, and will not be exchangeable," the statement read.

The central bank further emphasised that this is the final extension in the date of exchange of these banknotes granted by the federal government and the public is advised to avail this opportunity and exchange their old design banknotes through SBP BSC Offices till December 31, 2022.