The representatives of business community have requested to State Bank of Pakistan (SBP) to extend the last date of acceptance of the old denomination of Rs500 for at least three years. In a statement, the Patron In-Chief Korangi Association of Trade and Industry S M Muneer, Chairman Ehteshamuddin and Vice Chairmen, Hasham A. Razzak and Tariq Malik have requested to SBP’s Acting Governor, Yasin Anwar to withdraw SBP notification of cancellation of old 500-rupee banknotes under which the old denomination stands cancelled and no one can exchange it with new Rs500 note.
The industrialists took the plea that a large number of poor people are still holding these old notes as they were not aware of the SBP’s deadline. “People are facing huge difficulties due to the non-acceptance of old Rs500 note, as most of them were not aware of its cancellation” said KATI chairman Ehteshamuddin.
Industry demands SBP to extend old Rs500 bills
