The Presidents / Chief Executives

All Commercial Banks

Dear Sirs/Madam,

Demonetization of Rs. 500 Old Design Banknote

Please refer to our letter No. CMD/879/7/(Dem-500)/2010 dated 29th December, 2010 regarding demonetization of the Rs. 500 old design banknote that will cease to be legal tender with effect from 1st October, 2011.

In this connection it has been decided that:

1. A. Collection of Rs 500 Old Design Banknotes

   1. 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.
   2. Branches of Banks/MFBs will collect the Rs. 500 old design banknotes until close of banking hours on 30th September, 2011.

2. B. Reporting/Deposit/Surrender of Rs. 500 Old Design Banknote Balances on 30th September, 2011

   1. 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.
   2. 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.
   3. 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.
   4. 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.

You are requested to issue necessary instructions to your respective branches to ensure meticulous compliance of the aforementioned time-lines for the exchange of Rs. 500 old design banknotes by the general public and surrendering of these notes to SBP BSC (Bank)/ NBP Chest/Sub-Chest branches within the stipulated deadline.

For any queries/issues regarding surrendering of Rs. 500 old design banknotes to SBP BSC (Bank)/NBP Chest/Sub-Chest branches, please contact the following phone numbers and email addresses:

SBP BSC (Bank)

Phones: 021-99212491, 021-32455454, 021-32455470
Email: [email protected].

National Bank of Pakistan (for Chest/Sub-Chest branches)

Phone: 021-99212700
Email: [email protected]

Please acknowledge receipt.