KARACHI:–The old design banknotes will cease to be legal tender with effect from 1st December 2016, so it has now been decided to phase out all remaining old design banknotes of Rs 10, 50, 100 & 1000, as per federal government’s gazette notification dated 4th June, 2015. The Rs 5 banknote and the old design Rs 500 banknote have already been demonetized. It is worth mentioning that the State Bank of Pakistan issued a new design banknote series which started with the issuance of Rs 20 denomination banknote in 2005 to improve the security, durability and aesthetic quality of banknotes .–Staff Reporter