The State Bank of Pakistan (SBP) has allowed all commercial banks, microfinance banks (MFBs) and field offices of SBP Banking Services Corporation (SBP BSC) operating throughout the country to exchange the bigger and older Rs 500 banknotes until close of banking hours on October 1, 2012. Earlier, the deadline of exchange was September 30, 2012. However, September 30, 2012 is a Sunday. Therefore the federal government, through a Gazette Notification issued in June 2012, has facilitated the public by allowing it to exchange the demonetized older banknotes until October 1, 2012. The SBP BSC will neither exchange nor be liable to pay any value of such banknotes to any person or bank after the revised deadline. According to a circular letter issued by SBP to presidents and chief executives of all commercial and microfinance banks, branches of banks, NBP chests and sub-chests should display posters and banners regarding the revised deadline at public counters and other places where they would be clearly visible, in and outside their branches. The SBP has also directed all banks to issue the necessary instructions regarding the display of poster to their respective branches to ensure meticulous compliance of timelines.
