Demonetization of Rs 500 Old-Design Banknote from Oct. 1, 2011


Karachi: Old design and bigger size banknote of Rs 500 denomination will be demonetized with effect from 1st October, 2011. The State Bank of Pakistan (SBP) has asked the general public to exchange these notes from the field offices SBP Banking Services Corporation (BSC) and branches of commercial banks operating throughout the country latest by September 30, 2011.

The State Bank has supplied posters in both the English and Urdu languages regarding the demonetization and exchange of Rs 500 old design banknote to SBP Banking Services Corporation and commercial banks and asked them to place these posters at prominent visible places of their field offices and branches. These posters will also be placed at public places for the benefit of the masses.

These posters and State Bank’s advice to commercial banks on banknotes are available at the following links of SBP Website:

http://www.sbp.org.pk/acc/2010/C1.htm

http://www.sbp.org.pk/BankNotes/index.asp

It may be pointed out here that the new design and small size banknote of Rs 500 will continue to be the legal tender.

It may be recalled that the Federal Government has already notified that old design banknote of Rs 500 denomination (introduced from 1st April, 1986) will cease to be legal tender with effect from October 1, 2011.

For more information, contact:
Syed Wasimuddin
Chief Spokesman
State Bank of Pakistan (SBP)
Tel: +9221 3921 2562
Fax: +9221 3921 2563
Email: syed.wasimuddin@sbp.org.pk

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