Old banknotes: Rs500 notes should be exchanged

Rs 500 note will no longer be entertained after October 01, 2012.

KARACHI: The State Bank of Pakistan (SBP) has on Tuesday reminded the general public to exchange the old design and bigger size Rs500 banknotes from the field offices of the SBP Banking Services Corporation (SBP BSC), and over 10,000 branches of banks across the country till the close of banking hours on October 01, 2012. SBP and SBP BSC will neither exchange nor be liable to pay any value of such banknotes to any person or a bank after the above mentioned deadline, an SBP press release says. The old banknotes had already been demonetised by the federal government and cannot be used as legal tender; however, they can be exchanged from the field offices of SBP BSC and branches of banks till October 01, 2012.

Published in The Express Tribune, August 29^th, 2012.