Rs500 old currency notes to become obsolete after 30th

ISLAMABAD: The State Bank of Pakistan (SBP) has again asked the public to exchange old currency notes of Rs500 with the new one because the former will become obsolete after September 30.

The SBP also reminded all the banks including micro-finance banks (MFBs) operating in the country to facilitate general public in exchanging Rs500 old design notes within stipulated deadline of September 30.

The 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 1, 2011 old design Rs500 bank note will cease to be a legal tender, an SBP official told APP here on Thursday.

To a question, he said, the SBP for benefit of general public, has already supplied posters in both English & Urdu languages on demonetization and exchange of Rs500 old design bank note to SBP Banking Services Corporation and all banks for their placement at prominent visible places in their field offices, branches and public places.

He said all banks and 16 field offices of SBP Banking Services Corporation have been advised to prominently display dates of demonetization and acceptability of Rs500 old-design banknote at visible places in all their branches.

Copyright APP (Associated Press of Pakistan), 2011