The State Bank of Pakistan (SBP) has asked all banks operating in the country to issue necessary instructions to their branches to facilitate the general public in exchanging demonetised Rs 5 banknote by the end of this calendar year ie December 31.

All banks should display posters/banners regarding the last date for the exchange of the demonetised 'rupees five banknote' at public counters and other visible places in and outside their branches, the SBP said in a circular issued to the Presidents/Chief Executives of all commercial and microfinance banks.

Neither SBP/SBP BSC (Banking Services Corporation) nor banks will exchange or pay any value of such banknote to any person or institution after the above-mentioned deadline, the Circular added. It may be recalled that the last date for exchanging this banknote from the field offices of SBP BSC and branches of all banks is December 31, till banking hours.-PR

Copyright Business Recorder, 2012