State Bank directs banks to exchange Rs. 5 banknote till 31st December, 2012

Karachi: The State Bank of Pakistan (SBP) has directed all commercial banks and the field offices of SBP Banking Services Corporation (SBP BSC) operating throughout the country to exchange the existing Rs. 5 banknote with banknotes/coins of all denominations until 31st December, 2012.

It may be pointed out that this directive allows only the exchange of Rs. 5 banknote from banks and SBP-BSC field offices to facilitate the general public who are in possession of such notes. However, the said banknote will stand demonetized, and shall not be a legal tender from 1st January, 2012.

Over 10,000 branches of commercial banks and 16 field offices of SBP BSC will exchange these banknotes of Rs 5 denomination. This exchange facility will be available to the general public till 31st December, 2012.

The SBP has also advised the banks to surrender all such Rs. 5 banknotes to the field offices of SBP Banking Services Corporation (SBP BSC) for exchange or credit of exchange value in their respective bank accounts up to 31st December, 2012, says Circular No. CMD /784/ 7/ (Dem-5) /2011 of December 22, 2011.

Banks have also been asked to widely publicize the extension of date for the exchange only (up to 31st December, 2012) and demonetization of Rs. 5 banknote from 1st January 2012, in line with their respective advertisement policies for the awareness and facilitation of general public, and issue necessary instructions to all their branches for implementation of these instructions in letter and spirit.

Any complaint relating to exchange of Rs 5 banknotes may be lodged with the SBP and SBP BSC Central Help Desk, Head Office, Karachi at telephone numbers: 021‐99212491, 021‐32455454, 021‐32455470 and 021-32453962. Complaints may also be lodged at the email address: drs5@sbp.org.pk or with the Chief Spokesman, State Bank of Pakistan at his e‐mail address: syed.wasimuddin@sbp.org.pk

It may be recalled that the Federal Government has extended the last date for exchange of Rs. 5 banknote up to 31st December, 2012 vide Gazette Notification No. 3(8)IF-IV/2009, dated the 15th December, 2011.

For more information, contact:
Syed Wasimuddin
Chief Spokesman
State Bank of Pakistan (SBP)
Tel: +9221 3921 2562
Fax: +9221 3921 2563
Email: syed.wasimuddin@sbp.org.pk

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