Public instructed to exchange old Rs 500 note.

The State Bank of Pakistan (SBP) has instructed the general public to exchange the old-design and bigger-size banknote of Rs 500/- from the field offices of SBP Banking Services Corporation and the branches of all commercial banks across the country by 30th September 2011. 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. 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 the legal tender and will not be exchangeable with effect from 1st October, 2011