0
KARACHI: The State Bank has directed all commercial banks and field offices of SBP Banking Services Corporation (SBP BSC) operating throughout the country to allow exchange Rs500 old designed (bigger sized) banknote with immediate effect.
This directive only allows exchange of Rs500 old designed (bigger sized) banknote from banks and SBP BSC field offices to facilitate the general public, who are in possession of such notes.
“However, this banknote stands demonetized, and, hence, cannot be used as a legal tender,” said the State Bank on Friday.
The old designed note of Rs500 was banned by the State Bank as legal tender at the end of September 2011 and the general public was advised to exchange their holdings of Rs500 old notes. However, the government announced further extension of one year in the life of the old designed Rs500 note.
Over 10,000 branches of commercial banks and 16 field offices of SBP BSC will start exchanging these bigger size banknotes of Rs500 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 Rs500 old designed (bigger sized) 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 publicise the extension of date for the exchange of Rs500 old banknotes in line with their respective advertisement policy for the awareness and facilitation of general public, and issue necessary instructions to all their branches for implementation of the above instructions in letter and spirit.
Any complaint with regard to exchange of old designed Rs500 banknote may be lodged with the SBP BSC Central Help Desk, Head Office, Karachi, said the SBP.
