Updated on
Summary State Bank has again reminded all banks to recall old Rs 500 notes by September 30.
The State Bank of Pakistan (SBP) told the banks to facilitate the general public in exchanging Rs 500 old design (bigger size) banknotes within the stipulated deadline of September 30.The State Bank of Pakistan/SBP Banking Services Corporation will neither exchange nor be liable to pay any value of such banknote to any person or a bank after the above mentioned deadline as from October 1, 2011 the old design Rs 500 banknote will cease to be a legal tender, says a circular issued by SBP.The State Bank, for the benefit of the general public, has already supplied posters in both English and Urdu regarding the demonetisation and exchange of Rs 500 old design (bigger size) banknotes to SBP Banking Services Corporation and all banks for their placement at prominent visible places in their field offices and branches as well as at public places.
