Illegal tender: Rs5 note to be demonetised

SBP asks banks to facilitate general public in exchanging demonetised Rs5 banknote by the end of this calendar year.

KARACHI: The State Bank of Pakistan (SBP) has asked all banks operating in the country to issue necessary instructions to their branches to facilitate the general public in exchanging demonetised Rs5 banknote by the end of this calendar year. All banks should display posters/banners regarding the last date for the exchange of the demonetised Rs5 banknote at public counters and other visible places in and outside their branches, the central bank said in a circular issued. Neither SBP nor banks will exchange or pay any value of such banknotes to any person or institution after the above-mentioned deadline, it added. It may be recalled that the last date for exchanging Rs5 banknote from the field offices of SBP Banking Services Corporation and branches of all banks is December 31, 2012 (till banking hours).

Published in The Express Tribune, December 12^th, 2012.