No more legal tender: old Rs 500 notes can be exchanged till September 2012

The State Bank of Pakistan (SBP) has directed all commercial banks and the field offices of SBP Banking Service Corporation (SBP BSC) operating throughout the country to exchange Rs 500 old design (bigger size) banknotes, with immediate effect. The SBP said that over 10,000 branches of commercial banks and 16 field offices of SBP BSC will start exchanging these old design (bigger size) banknotes of Rs 500 denomination with immediate effect.
This exchange facility will be available to the general public till the last working day of September 2012. The SBP has also advised the banks to surrender all such Rs 500 old design (bigger size) banknotes to the field offices of SBP BSC for exchange or credit of exchange value in their respective bank account up to the last working day of September 2012.
The banks have also been asked to widely publicise the extension of the date for the exchange of Rs 500 old design (bigger size) banknotes in line with their respective advertisement policy for the awareness and facilitation of general public and issue necessary instruction to all their branches for implementation of the above instructions in letter and spirit. It may be pointed out that this directive only allows exchange of Rs 500 old design (bigger size) banknotes from banks and SBP BSC field offices to facilitate the general public, who are in possession of such notes. However, this old design banknote stands demonetized, and hence cannot be used as a legal tender.
Any complaint with regard to exchange of old design Rs 500 banknotes may be lodged with the SBP BSC Central Help Desk, Head Office, Karachi. It may be recalled that the federal government has extended the last date for exchange of Rs 500 old design banknote up to September 30, 2012.