"All commercial banks and field offices of SBP Banking Services Corporation (SBP BSC) operating throughout the country have bee directed to exchange Rs. 500 old design (bigger size) banknote," according to Central Bank's announcement here on Friday.
It may be pointed out that this directive only allows the exchange of Rs. 500 old design (bigger size) banknote 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, cannot be used as a legal tender, it pointed out.
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 Banking Services Corporation (SBP BSC) for exchange or credit of exchange value in their respective bank account up to the last working day of September, 2012.
Banks have also been asked to widely publicize the extension of 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 fresh directive.
"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 at telephone numbers: 021-99212491, 021-32455454, 021- 32455470 & 021-32453962," it added.