Money woes: ‘Old Rs500 note should remain valid’

Request made to SBP to extend the last date of acceptance for the old denomination of Rs500 for at least three years.

KARACHI: Representatives of the business community have demanded of the State Bank of Pakistan (SBP) to extend the last date of acceptance for the old denomination of Rs500 for at least three years. In a statement, office bearers of Korangi Association of Trade and Industry (Kati) have demanded of the SBP’s Acting Governor Yaseen Anwar to withdraw the SBP notification of cancellation of old 500 rupee note under which the old denomination stands cancelled. They have taken the plea that a large number of poor people are still holding it as they were not aware of the SBP’s deadline.

Published in The Express Tribune, October 12^th, 2011.