Circulars/Notifications - Finance Department  
 No. CMD / 737 / 7/(Dem-500) /2011
November 11, 2011 

The President /Chief Executive
All Commercial/Microfinance Banks

Dear Sir/Madam,

Exchange of Demonetized Rs. 500 Old Design Banknote

             This refers to our Circular No. CMD /879 / 7/(Dem-500) /2010 dated 29th December, 2010, and Circular No. 2 dated 21st September, 2011, regarding demonetization of the Rs. 500 old design banknote.

2.         Please be advised that the Federal Government has extended the last date for exchange of Rs. 500 old design banknote  to 30th September, 2012 vide Gazette Notification No. 2(1)IF-IV/2010 dated 4th November, 2011.

3.         This directive only allows the exchange of the Rs. 500 old design banknote from banks and SBP BSC field offices to facilitate the general public in possession of such notes, however, the said banknote stands demonetized, and, hence, shall not be used as legal tender. Accordingly, with immediate effect, banks are advised to:

            a. Exchange the Rs. 500 old design banknotes with banknotes/coins of all denominations until the last working day of September, 2012.

            b. Surrender all such Rs. 500 old design banknotes to SBP BSC field offices for exchange or credit of exchange value in their respective bank account up to the last
                working day of September, 2012.

4.         Banks are also requested to widely publicize the extension of date for the exchange of Rs. 500 old design banknotes in line with their respective advertisement policy for the awareness and facilitation of general public, and issue necessary instruction to all their branches for implementation of the above instructions in letter and spirit.

Please acknowledge receipt.

Yours faithfully,


(Riaz Nazarali Chunara)


About SBP
Economic Data
Press Releases
Laws & Regulations
Monetary Policy
Help Desk
SBP Videos
Contact us
What's New?
Online Tenders
Web Links

Educational Resources
Regulatory Returns
Rupey ko Pehchano
Zahid Husain Memorial Lecture
Best view Screen Resolution : 1024 * 768
Copyright © 2016. All Rights Reserved.