SBP advises public to exchange old-design Rs.500 banknote by Sept 30th

ISLAMABAD: The State Bank of Pakistan has again advised 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 branches of all commercial banks throughout the country upto September 30th.

It may be recalled that the Federal Government had earlier notified that the old-design banknote of Rs 500/- (introduced in April 1986) will cease to be the legal tender and not exchangeable with effect from October 1, 2011, said a Bank statement issued here Saturday.