Old 500-rupee notes: Govt may provide more exchange days

Federal government is expected to issue orders to provide another 15 to 30 days to people having old notes of Rs500

ISLAMABAD: The federal government is expected to issue orders to provide another 15 to 30 days to people having old currency notes of Rs500 denomination to get them exchanged with new notes. However, a final decision will be taken by the cabinet. Sources in the finance ministry told The Express Tribune that various stakeholders including banks were requesting for extension of the deadline for exchanging the notes, pointing out that a large number of people could not get their currency notes exchanged within the stipulated time. Sources said the ministry had sought State Bank of Pakistan’s comments on the issue and after that a summary would be sent to the cabinet for approval. They pointed out that since the cabinet had approved the withdrawal of the old notes, it was the proper authority to extend the date.

Published in The Express Tribune, October 25^th, 2011.