Pakistan News / Business News > Karachi: State Bank of Pakistan (SBP) has allowed all commercial banks/ Microfinance Banks MFBs and field offices of SBP Banking Services Corporation SBP BSC operating throughout the country to exchange Rs. 500 old design (bigger size) banknote until close of banking hours on October 01, 2012.
Earlier deadline to exchange Rs. 500 old design (bigger size) banknote was September 30, 2012. However, September 30, 2012 is Sunday. Federal Government, through a Gazette Notification issued in June, 2012 facilitated public to exchange demonetized Rs 500 (old design) banknote until October 01, 2012.
SBP, SBP BSC will neither exchange nor be liable to pay any value of such banknote to any person or a bank after deadline (i.e., October 01, 2012).
Branches of banks, NBP Chests, Sub-Chests should display posters, banners on revised date for acceptance of demonetized Rs. 500 old design banknotes (bigger size), at public counters, other visible places in and outside their branches, SBP Circular issued Wednesday to Presidents, Chief Executives of all commercial banks, MFBs said.
SBP also directed all banks to issue necessary instructions to their respective branches to ensure meticulous compliance of time lines for exchange of demonetized Rs 500 old design (bigger size) banknotes by displaying posters, banners for awareness of general public.
Rs. 500 old design (bigger size) banknote was demonetized from October 1, 2011, and, hence, cannot be used as legal tender. (PPI)