RAWALPINDI: Pakistan currency notes of the denomination of 500 rupees and 100 rupees cease to be legal tender from midnight ... according to a Martial law Regulation issued by the Chief Martial Law Administrator here today [June 7]. Under the Regulation (No.81) ... all Pakistan currency notes bearing the expression “Joy Bangla” or “Bangla Desh” or “Dacca” or any other similar expression in any language have also been demonetised and no person would be entitled to demand or receive any value in exchange for such notes.
The 500-rupee and 100-rupee notes may, however, be deposited with any of the branches of commercial banks, any treasury or Deputy Commissioner, Tehsildar or the Thana Circle Officer obtaining a receipt thereof. ... The Central Government would set up committees, which would decide which of the surrendered 500-rupee and 100-rupee notes were illegally acquired, or illegally removed from the State Bank of Pakistan or any other bank or treasury and whether any person surrendering such notes had evaded any tax....
If the committees find that the acquisition of surrendered notes was not illegal and the person concerned had not evaded any tax, he would be entitled to get other currency or equivalent value in exchange.
Published in Dawn, June 8th, 2021