Banknotes bearing slogans cease to be legal tender: SBP

September 14, 2014 Off By Web Desk

Karachi: The State Bank of Pakistan has reminded all the commercial banks and general public at large that in pursuance of Legal Tender (Inscribed Notes) Ordinance, 1977, banknotes bearing slogans of political, religious or commercial character cease to be legal tender and the State Bank of Pakistan and commercial banks will not receive, exchange and refund the value of such banknotes.

According to a circular issued to all banks, it has come to the notice of the State Bank of Pakistan that certain elements are instigating general public to inscribe slogans of political nature on the banknotes.

General public has already been reminded by the Bank, through press note and advertisement, about the legal position in this regard. SBP has advised all the banks and general public not to accept such banknotes in order to avoid incurrence of financial losses. The commercial banks are also advised to disseminate the information in this respect across their branch network forthwith, for the purpose of its display at their branches at prominent place.

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