Old Rs500 banknote retires from Oct 1

ISLAMABAD: The old design and bigger size of banknote of Rs500 denomination will be demonetized with effect from Oct 1, 2011.

Senior official told APP here on Sunday that the State Bank of Pakistan (SBP) has asked the general public to exchange these notes from the field offices of SBP banking Service Corporation (BSC) and branches of commercial banks operating throughout the country latest by September 30, 2011.

The SBP has supplied in both the English and Urdu languages regarding the demonetization and exchange of old Rs500 banknote to SBP Bank Services Corporation and Commercial Banks and instructed 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 awareness of the masses. (APP)