A. Collection of Rs 500 Old Design Banknotes
(i) Branches of Banks/MFBs should display posters/banners on the acceptance of Rs. 500 old design banknotes (bigger size), at public counters and other visible places in and outside their branches.
(ii) Branches of Banks/MFBs will collect the Rs. 500 old design banknotes until close of banking hours on 30th September, 2011.
B. Reporting/Deposit/Surrender of Rs. 500 Old Design Banknote Balances on 30th September, 2011
(i) In the first phase, branches of Banks/MFBs, in cooperation with SBP BSC field offices or NBP Chest/Sub-Chest branches, should ensure that they surrender their existing stock of Rs. 500 old design banknotes by 26th September, 2011 to the nearest SBP BSC Field Office or NBP Chest/Sub-Chest branch.
(ii) In the second phase, branches of Banks/MFBs will surrender the remaining stock of Rs. 500 old design banknotes to their nearest SBP BSC field office or NBP Chest/ Sub-Chest branch by 8.00 p.m. on 30th September, 2011.
(iii) The State Bank of Pakistan/SBP BSC (Bank) will neither exchange nor be liable to pay any value of such banknote to any person or a bank after the deadline fixed above. From October 1, 2011 the old design Rs. 500 will cease to be legal tender.
(iv) SBP BSC field office/NBP Chest/Sub-Chest branch shall credit the value of the surrendered banknotes to the account of the bank/MFB maintained with them.