The State Bank of Pakistan (SBP) has once again advised all commercial banks/micro finance banks (MFBs) to desist from issuing the demonetised banknotes of Rs 5 and Rs 500 (old design & bigger size) to their customers/general public.
They have also been asked by SBP to educate their customers/general public for surrendering these demonetised banknotes to their branches and field offices of SBP Banking Services Corporation, said Circular Letter No CMD/115/7/(Dem)/2011 issued on Wednesday.
This directive has been issued by SBP after it came to its notice that some commercial banks are issuing these banknotes despite their demagnetisation and SBP's clear instructions to surrender the demonetised banknotes to the nearest/linked field offices of SBP Banking Services Corporation (SBP BSC).
The State Bank has also reminded the general public that the above-mentioned banknotes have been demonetised and cannot be used as legal tender. Therefore, general public is requested to exchange the banknotes of Rs 500 (old design & bigger size) and Rs 5 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.