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.