SBP chides banks for issuing demonetised banknotes


The State Bank of Pakistan (SBP) has once again advised all commercial banks and microfinance banks (MFBs) to desist from issuing the demonetised banknotes of Rs5 and Rs500 (old design and bigger size) to their customers and general public. They have also been asked by SBP to educate their customers and general public for surrendering these demonetized banknotes to their branches and field offices of SBP Banking Services Corporation. This directive has been issued by SBP through issuing a circular on Wednesday after it came to its notice that some commercial banks were issuing these banknotes despite their demonetisation and the regulator’s clear instructions to surrender the demonetised banknotes to the nearest/linked field offices of SBP Banking Services Corporation (SBP BSC).
The central bank also reminded the general public that the above-mentioned banknotes have been demonetised and cannot be used as a legal tender. “General public is requested to exchange the banknotes of Rs500 and Rs5 from banks and SBP BSC field offices by the stipulated dates ie the last working day of September, 2012 and the last working day of December, 2012 respectively,” it said.