Last date to exchange Rs 500 note today

The State Bank of Pakistan (SBP) on Thursday once again reminded the general public that September 30 is the last date for exchanging Rs500 old design and bigger size bank note, a statement said.

According to a State Bank of Pakistan notification, from October 1 the central bank “will neither exchange nor be liable to pay any value of such banknotes to any person or bank”.

SBP officials say the directives came from the Ministry of Finance and the only reason given for the withdrawal of the old banknote is that it has become `obsolete` ever since a new series of currency notes was introduced in the mid-2000s.

SBP/SBP Banking Services Corporation will neither exchange nor be liable to pay any value of such banknote to any person or a bank after above mentioned deadline as from October 01, 2011 old design (bigger size) Rs. 500 banknote will cease to be a legal tender.

SBP has already asked all banks including MFBs to facilitate the general public in exchanging Rs. 500 old design (bigger size) banknote within stipulated deadline of September 30, 2011.

On the other side, State bank of Pakistan also directed to withdraw all the currency note of Rs. 5 from December 31, 2011.

From January 2012, currency note of Rs.5 will not be acceptable to any person or bank.