Old design & bigger size banknote of Rs 500 will be demonetized with effect from 1st October, 2011. The State Bank of Pakistan (SBP) has asked the general public to exchange these notes from the field offices of SBP Banking Services Corporation (BSC) and branches of commercial banks operating throughout the country latest by September 30, 2011.
The State Bank has supplied posters in both the English & Urdu languages regarding the demagnetisation and exchange of Rs 500 old design banknote to SBP Banking Services Corporation and commercial banks and asked them to place these posters at prominent visible places of their field offices and branches. These posters will also be placed at public places for the benefit of the masses.
These posters and State Bank's advice to commercial banks on banknotes are available at SBP Website. It may be pointed out here that the new design and small size banknote of Rs 500 will continue to be the legal tender. It may be recalled that the Federal Government has already notified that old design banknote of Rs 500 denomination (introduced from 1st April, 1986) will cease to be legal tender with effect from October 1, 2011.
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