KARACHI: The State Bank of Pakistan (SBP) has allowed all commercial banks, microfinance banks and field offices of the SBP Banking Services Corporation (SBP BSC) operating throughout the country to exchange older design Rs500 banknotes until the close of banking hours on October 01, 2012. The earlier deadline to exchange the old Rs500 banknotes was September 30, 2012. SBP, SBP BSC will neither exchange nor be liable to pay any value of such banknotes to any person or bank after the given deadline, a notification issued by the authority says. The SBP has also directed all banks to issue necessary instructions to their respective branches in order to ensure meticulous compliance of time lines for exchange of demonetised Rs500 banknotes by displaying posters and banners for the awareness of the general public. The old Rs500 banknote was demonetised on October 1, 2011, and hence cannot be used as legal tender.
Published in The Express Tribune, June 28th, 2012.
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