SBP Notice: Old Rs500 notes will cease to exist in Oct

The State Bank of Pakistan (SBP) has reminded people that they should exchange the old and bigger sized banknote of Rs500 from offices of the SBP Banking Services Corporation (BSC) and branches of commercial banks by September 30 this year. “Old design banknote of Rs500 denomination (introduced on April 1, 1986) will be demonetised with effect from October 1, 2011,” the SBP said in an announcement on Saturday. In this regard, the SBP said, it had provided posters to BSC offices and banks, asking them to place these at prominent places in their branches. However, the new design and small size Rs500 notes will continue to be the legal tender.

Published in The Express Tribune, June 12th, 2011.