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.