Sept. 30 is last date for exchanging Rs.500 old design banknote: SBP

KARACHI: State Bank of Pakistan (SBP) Thursday said September 30, 2011 is last date for exchanging Rs.500 old design (bigger size) banknote.

SBP once again reminded general public to exchange this banknote from field offices of SBP Banking Services Corporation and branches of all banks including microfinance banks (MFBs) operating in the country.

SBP/SBP Banking Services Corporation will neither exchange nor be liable to pay any value of such banknote to any person or a bank after above mentioned deadline as from October 01, 2011 old design (bigger size) Rs. 500 banknote will cease to be a legal tender.

SBP has already asked all banks including MFBs to facilitate the general public in exchanging Rs. 500 old design (bigger size) banknote within stipulated deadline of September 30, 2011.