The State Bank of Pakistan (SBP) has clarified that there are no plans to discontinue the Rs5000 note. SBP Governor Jameel Ahmed addressed social media rumors, emphasizing that the Rs 5,000 currency note is not being demonetised. These claims on social platforms were confusing, but the central bank confirmed the note remains valid. The statement reassured citizens and businesses about Pakistan’s currency stability.
The SBP governor clarified a Senate Standing Committee on Finance meeting, chaired by Saleem Mandviwalla. Finance Minister Muhammad Aurangzeb and officials from the Federal Board of Revenue (FBR) also attended. Jameel Ahmed stated that reports of demonetisation in Pakistan are misleading and false. He added that the government is considering new currency designs for notes ranging from Rs 10 to Rs 5,000, featuring enhanced security features in the currency to prevent fraud.
Committee members asked about the timeline for the redesign. The SBP confirmed that the federal cabinet decision is pending, and no final step has been taken yet. A closed-door briefing may follow to provide further details. Experts say that currency note redesigns improve circulation security, but they do not necessarily indicate demonetisation.
Additionally, the committee raised concerns about banks charging SMS alert fees without consent. Governor Jameel Ahmed highlighted that telecom rates prompted higher bank service fees. The SBP assured action to protect consumers under the banking regulations in Pakistan. These measures ensure that operational costs do not unfairly burden account holders.
In conclusion, there are no plans to discontinue the Rs5000 note. Citizens can continue using high-denomination notes, while currency note redesigns aim to strengthen security and efficiency. SBP remains committed to maintaining Pakistan’s currency stability.
