Deadline approaching: Exchange old Rs500 notes says SBP
In a circular issued on Wednesday, the SBP said it had again reminded all banks.
KARACHI:
The deadline for exchanging old-design Rs500 banknotes with new ones is approaching fast and the State Bank of Pakistan (SBP) has asked banks to facilitate people in this regard. In a circular issued on Wednesday, the SBP said it had again reminded all banks including microfinance banks to facilitate the general public in exchanging old-design (bigger size) Rs500 banknote by the deadline of September 30. The SBP warned that it would neither exchange nor be liable to pay any value of such banknote to any person or bank after the deadline expired. “From October 1, the old-design Rs500 banknote will cease to be legal tender,” it said.
Published in The Express Tribune, September 22nd, 2011.
The deadline for exchanging old-design Rs500 banknotes with new ones is approaching fast and the State Bank of Pakistan (SBP) has asked banks to facilitate people in this regard. In a circular issued on Wednesday, the SBP said it had again reminded all banks including microfinance banks to facilitate the general public in exchanging old-design (bigger size) Rs500 banknote by the deadline of September 30. The SBP warned that it would neither exchange nor be liable to pay any value of such banknote to any person or bank after the deadline expired. “From October 1, the old-design Rs500 banknote will cease to be legal tender,” it said.
Published in The Express Tribune, September 22nd, 2011.