Rupee change: Out with the old...

SBP announces that all old Rs500 currency notes will no longer remain valid after October 1, 2011.

ISLAMABAD: The State Bank of Pakistan (SBP) has announced that the old 500 rupee currency notes will no longer remain a valid currency note for exchange from 1st October 2011.

The move comes as part of an ongoing bid to replace all old currency notes. The old 500 rupee note which was introduced in April 1986 will be replaced by the new currency notes and will seize to have any exchange value from October 1, 2011.

The SBP has asked the general public to replace their old 500 rupee notes with the new ones from any bank in the country before September 30, 2011 before they are rendered invalid.