The State Bank of Pakistan (SBP) has reminded the general public to exchange the banknotes of Rs 500 of old design and bigger size from the field offices of SBP Banking Services Corporation and the branches of all commercial banks throughout the country up to September 30, 2011.
The SBP has also advised all commercial banks to facilitate the general public and create awareness by placing announcements on the counters in accordance with their advertisement policy. SBP's advice to commercial banks has been placed at the following link of SBP's Website: http://www.sbp.org.pk/acc/2010/C1.htm 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 legal tender and not exchangeable from October 1, 2011.