KARACHI: The State Bank of Pakistan (SBP) has directed all commercial banks and the field offices of SBP Banking Services Corporation (SBP BSC) operating throughout the country to exchange the existing Rs 5 banknote with banknotes-coins of all denominations until December 31, 2012.
It may be pointed out that this directive allows only the exchange of Rs 5 banknote from banks and SBP-BSC field offices to facilitate the general public who are in possession of such notes. However, the said banknote will stand demonetised, and shall not be a legal tender from January 1, 2012.
According to SBP here Thursday, 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 the banks to surrender all such Rs 5 banknotes to the field offices of SBP Banking Services Corporation (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 demonetisation 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 at telephone numbers: 021-99212491, 021-32455454, 021-32455470 and 021-32453962.
Complaints may also be lodged at the email address: [email protected] or with the Chief Spokesman, State Bank of Pakistan at his e-mail address: [email protected]
It may be recalled that the Federal Government has extended the last date for exchange of Rs 5 banknote up to December 31, 2012 vide Gazette Notification No. 3(8)IF-IV/2009, dated the December 15, 2011.
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