The
Director
Accounts Department
State Bank of Pakistan
Banking services Corporation
Head Office
KARACHI
Dear
Sirs / Madam,
REPLACEMENT
OF FIVE RUPEE BANKNOTE BY FIVE RUPEE COINS
We
have to advise that as per Federal Cabinet’s decision
of 24 March 2004 the issuane of Rs.5/- denomination banknotes
should be stopped by the
Field Offices of SBP-BSC with effect from 1 July 2004.
The notes already issued would, however, continue to be
Legal Tender and remain in circulation upto 30 June 2005.
These notes will be accepted from general public at the
counters without any restrictions whatsoever in exchange
of banknotes of higher denominations or coins. The notes
of Rs.5/- denominations once tendered at SBP-BSC Field
Offices will not be re-issued.
The Commercial Banks will stop issuance of re-issuable
Rs.5/- banknotes with effect from 31 January 2005. However,
they will ontinue to accept Rs.5/- banknotes and will surrender
to Field Offices of SBP-BSC / National Bank of Pakistan
Chests-Sub-Chests in suitable lots upto 30 June 2005. Effective
from 1 July 2005 Rs.5/- banknotes will cease to be Legal
Tender. For the compliance of the Cabinet Decision Commercial
Banks have been advised separately.
You may advise Field Offices of SBP-BSC to ensure supply
of Rs.5/- coins in sufficient quantity to all Small Coin
Depots/ Commerial Banks and National Bank of Pakistan Chests/
Sub-Chests, etc., to enable them to meet the public demand
under intimation to us. The Federal Cabinet has desired
to give wide publicity of these measures for information
of general public as such a proper campaign should be built
up for public awareness on the subject through Print and
Electronic media
In view of the above you may also advise your Field Offices
to ensure strict compliance in the matter.