SBP repeats Rs 500 exchange policy


KARACHI – The State Bank of Pakistan (SBP) has once again advised the general public to exchange the phased out and larger sized banknote of Rs 500 denomination at the latest by September 30. According to an issued press release, the notes can be exchanged at the field offices of SBP Banking Services Corporation and the branches of all commercial banks throughout the country. It may be recalled that the federal government has already notified that the old-design banknote of Rs 500 (introduced in April 1986) will cease to be the legal tender and not exchangeable with effect from October 1.