Exchange Of Rs500 Notes: One-year extension approved

Prime Minister Yousaf Raza Gilani approved a one-year extension for the exchange of old currency notes of Rs500 denomination, Express 24/7 reported on Monday. The prime minister’s spokesperson said that the extension had been made to facilitate the public. The exchange can now be made until September 30, 2012. The State Bank of Pakistan’s (SBP) spokesperson said the central bank had not received any order so far. It had earlier been reported that the federal government was expected to issue orders to provide another 15 to 30 days to people who had old currency notes of Rs500 denomination to exchange them with new notes. Sources in the finance ministry had told The Express Tribune that various stakeholders including banks were requesting for an 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.

Published in The Express Tribune, November 1^st, 2011.