Not legal tender : Rs5 notes can be exchanged by Dec 2012

Banks have been asked to widely publicise deadline for exchange.

KARACHI: The State Bank of Pakistan (SBP) has directed all commercial banks and field offices of the SBP Banking Services Corporation (SBP BSC) to exchange Rs5 banknote with banknotes or coins of all denominations until December 31, 2012.

However, the SBP said this allows only exchange of Rs5 banknote from banks to facilitate people, but the note will not be a legal tender from January 1, 2012, meaning it cannot be used in dealings and transactions.

The announcement came following extension given by the government in mid-December for exchange of the banknote up to December 31, 2012.

In a statement, the SBP said over 10,000 branches of commercial banks and 16 field offices of SBP BSC will exchange the Rs5 banknote.

Banks have been asked to widely publicise the dates for exchange and demonetisation for awareness and facilitation of people.

Published in The Express Tribune, December 23^rd, 2011.