The Presidents / Chief Executives
All Banks

Dear Sirs / Madam,

 

REPLACEMENT OF FIVE RUPEE BANKNOTE BY FIVE RUPEE COINS

We would like to communicate the decision taken by Federal Cabinet in its meeting of 24th March 2004 on the subject of Five Rupee Banknotes and Coins.

As per the decision Commercial Banks will stop issuacne of issuable/re-issuable Rs.5/- banknotes with effect from 31st January, 2005. However, the Five Rupee notes in circulation will remain Legal Tender upto 30th June 2005 and Commercial Banks will have to exchange Rs.5/- Notes with the banknotes of higher denominations or Rs.5/- coins. These notes will be surrendered to their nearest/linked Field Offices of State Bank of Pakistan, Banking Services Corporation / Chest branches of National Bank of Pakistan in suitable lots upto 30 June 2005. The acceptance of Rs.5/- banknotes may continue upto 30 June 2005.

In order to facilitate the general public and create awareness banks are required to place announements on the counters in line with their “ advertisement policy.”

State Bank of Pakistan has advised its Banking Services Corporation Field Offices to provide sufficient stocks of Rs.5/- Coins to meet the demand of general public/banks.

You are, therefore, requested to issue necessary directives / instructions in the matter to your branches and ensure meticulous compliance in letter and in spirit.

Please acknowledge receipt.