The State Financial institution of Pakistan (SBP) issued repeated reminders that outdated banknotes of Rs10, Rs50, Rs100 and Rs1,000 denominations will be exchanged from the Banking Providers Company (BSC). I ponder why ought to there be a deadline for the alternate of legally issued banknotes which have been withdrawn. Many senior residents typically misplace their forex, and so they shouldn’t be penalised for forgetting to alternate their legally issued banknotes throughout the deadline.
The Financial institution of England has a citizen-friendly coverage underneath which the with-drawn notes can at all times be exchanged not simply with the financial institution itself, but in addition at designated banks and publish places of work. There isn’t a ‘final date’ for alternate.
The SBP ought to put off the idea of deadlines in such circumstances.