The Presidents / Chief Executives
All Commercial Banks

Dear Sir,

Rs 5 Denomination Banknote Ceases to be Legal Tender

Dear Sir / Madam,

1 You are aware that Rs 5 banknote will cease to be Legal Tender with effect from 1st January, 2012 as per Federal Government's notification dated 22nd December, 2010.

2 In this regard commercial banks will stop issuance of Rs 5 banknotes either issuable or re-issuable with effect from 1st July 2011. However, Rs 5 banknotes in circulation will remain legal tender up to 31st December, 2011 and commercial banks are required to accept the Rs 5 banknotes and exchange the same with banknotes or coins. These banknotes are required to be surrendered to the nearest / linked Field Offices of State Bank of Pakistan, Banking Services Corporation /Chest branches of National Bank of Pakistan in suitable lots up to 31st December, 2011.

3 Further, in order to facilitate the general public and create awareness, banks are requested to place this announcement on the counters in line with their "advertisement" policy.

4 You are requested to follow the above instructions meticulously and issue necessary orders to all your branches for implementation of the instructions in letter and spirit.