The State Bank of Pakistan (SBP) issued repeated reminders that old banknotes of Rs10, Rs50, Rs100 and Rs1,000 denominations can be exchanged from the Banking Services Corporation (BSC). I wonder why should there be a cut-off date for the exchange of legally issued banknotes that have been withdrawn. Many senior citizens sometimes misplace their currency, and they should not be penalised for forgetting to exchange their legally issued banknotes within the deadline.
The Bank of England has a citizen-friendly policy under which the with-drawn notes can always be exchanged not just with the bank itself, but also at designated banks and post offices. There is no ‘last date’ for exchange.
The SBP should do away with the concept of deadlines in such cases.
KHALID HYDER
RAWALPINDI
