KARACHI - The SBP has allowed all commercial banks/Microfinance Banks (MFBs) and the field offices of SBP Banking Services Corporation (SBP BSC) operating throughout the country to exchange Rs 500 old design (bigger size) banknote until close of banking hours on October 01, 2012.

It may be pointed out that earlier the deadline of exchange of Rs. 500 old design (bigger size) banknote was September 30, 2012. However, Sept 30, 2012 is Sunday, the Federal Govt, through a Gazette Notification issued in June, 2012 has facilitated the public to exchange the demonetised Rs 500 (old design) banknote until Oct 01, 2012. The SBP/SBP BSC will neither exchange nor be liable to pay any value of such banknote to any person or a bank after the deadline. Branches of banks/NBP Chests/Sub-Chests should display posters/ banners regarding the revised date for the acceptance of the demonetised Rs. 500 old design banknotes (bigger size), at public counters and other visible places in and outside their branches, according to a Circular Letter issued by SBP to the Presidents/CEs of all commercial banks/Microfinance banks.
SBP has also directed all banks to issue the necessary instructions to their respective branches to ensure meticulous compliance of time lines.
 for the exchange of demonetized Rs 500 old design (bigger size) banknotes by displaying posters/ banners for awareness of the general public.
It may be recalled here that Rs 500 old design (bigger size) banknote had already been demonetised from 1st October, 2011, and, hence, cannot be used as a legal tender.