Rs500 banknotes legal tender till Oct 1

RECORDER REPORT

KARACHI: Twenty days are left for exchanging old design and bigger size banknote of Rs 500 denomination from the field offices of SBP Banking Services Corporation (SBP BSC) and branches of all banks.

The State Bank of Pakistan and 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, once again advised the general public to exchange old design and bigger size banknote of Rs 500 from the field offices of SBP BSC 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 Rs 500 old design and bigger size banknote had already been demonetized and hence cannot be used as a legal tender. It can be only exchanged till the above mentioned date.