SBP directs to change old Rs500 design note

KARACHI: The State Bank of Pakistan (SBP) has reminded the general public to exchange the old-design and bigger-size banknote of Rs 500 from the field offices of SBP Banking Services Corporation and the branches of all commercial banks across the country up to 30th September, 2011.

According to an announcement here on Saturday, the SBP also advised all commercial banks to facilitate the general public and create awareness by placing announcements on the counters in accordance with their policy.

It may be recalled that the federal government has already notified that the Rs 500 old-design banknote (introduced in April 1986) will cease to be the legal tender and not exchangeable with effect from 1st October, 2011.