State Bank of Pakistan (SBP) will stop issuance of Rs five currency notes from its all field offices from July 1, on Saturday, thus paving way for the tingling coin of the same denomination.
However, according to SBP sources here on Monday, the commercial banks would continue releases of Rs five notes to the masses till January 31 next.
They said that the circulation of the Rs five denomination notes will continue till June 30, 2005.
The commercial banks, they added, will continue to accept these notes from the members of the general public without any restriction in exchange for notes of higher denomination or Rs five coins.
The sources said that the banks have been asked to surrender these notes to the SBP field offices and chest branches of the National Bank of Pakistan (NBP) till June 30, 2005.
The Rs five note, they said, would cease to be legal tender with effect from July 1, 2005.
State Bank has decided to replace five rupees currency notes with a coin as it has lost its value considerably due to a very short life.
The Rs five note is the third currency note being replaced by coin after those of Rs 1 and Rs 2 during the last few years.