The State Bank of Pakistan on Thursday directed all commercial banks and the field offices of SBP Banking Services Corporation (SBP BSC) operating throughout the country to get the existing Rs 5 banknote exchanged with banknotes/coins of all denominations until December 31, 2012.
This directive allows only the exchange of Rs 5 banknote from banks and SBP-BSC field offices to facilitate the general public. However, the said banknote will stand demonetised, and will not be a legal tender from January 1, 2012. Over 10,000 branches of commercial banks and 16 field offices of SBP BSC will exchange these banknotes of Rs 5 denomination. This exchange facility will be available to the general public till December 31, 2012.
The SBP has also advised banks to surrender all such Rs 5 banknotes to the field offices of SBP BSC for exchange or credit of exchange value in their respective bank accounts up to December 31, 2012, says Circular No CMD /784/ 7/ (Dem-5) /2011 of December 22, 2011.
Banks have also been asked to widely publicise the extension of date for the exchange only (up to December 31, 2012) and demagnetisation of Rs 5 banknote from January 1, 2012, in line with their respective advertisement policies for the awareness and facilitation of general public, and issue necessary instructions to all their branches for implementation of these instructions in letter and spirit. Any complaint relating to exchange of Rs 5 banknotes may be lodged with the SBP and SBP BSC Central Help Desk, Head Office, Karachi on telephone, it added.
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