Gen Raheel handed over the command of the army to Chief of Army Staff (COAS) Bajwa at a ceremony held in the Army Hockey Stadium, close to the General Headquarters (GHQ).
Prime Minister Nawaz Sharif on Saturday appointed Bajwa as army chief by elevating him to the rank of four-star general.
Raheel in January had declared he would not seek extension. "I will retire on the due date," he had said.
There were speculation that the PML-N government would give him extension at the eleventh hour citing reasons that he was needed by the country to lead war on terror. The post of Army chief is the most powerful in Pakistan.
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