Legal tender: One week left to exchange old notes

KARACHI: Seven days are left for exchanging old design and bigger size Rs500 denomination banknote from field offices of the State Bank of Pakistan Banking Services Corporation (SBP BSC) and branches of all banks, according to a press release. The State Bank of Pakistan and the SBP BSC will neither exchange nor be liable to pay any value of such banknote to any person or a bank after October 1, 2012. SBP has, therefore, again advised the general public to exchange the old design and bigger size notes from field offices and over 10,000 branches of banks across the country till the close of banking hours on October 01, 2012. It may be recalled that the Rs500 note had already been demonetised and hence cannot be used as legal tender.

Published in The Express Tribune, September 25^th, 2012.