Rs.5000 banknote is being discontinued? SBP denies the rumors

Rs.5000 banknote

The State Bank of Pakistan (SBP) has outrightly denied the ranting rumors that have been making rounds on social media regarding the discontinuation of Rs.5,000 banknote, The SBP said they have no plans to discontinue Rs.5000 banknote any time soon, the central bank said it on Monday.

In a press release issued on Monday, SBP said, “It has been further clarified that SBP Act, 1956 clearly states the roles and responsibilities of various institutions including SBP for circulation, issuance, demonetization, and cancellation of banknotes. According to the section 25 of the Act, the SBP board of directors must recommend the cancellation and demonetization of banknotes before the federal government makes any decision.”

The SBP has clarified that the central bank has not recommended any decision regarding demonetization and discontinuation of Rs.5000 banknotes or any other banknotes that are currently in circulation to the federal government or cabinet.

SBP also said that in case of any decision regarding discontinuation or demonetization of a banknote SBP announces it before time providing the public with enough time to change the currency notes.

The Central bank informed that it has made such an announcement on its official website and also shares the information on social media.

The general public is advised not to pay attention to these rumors aimed at creating panic among masses.