State Bank denies rumors regarding discontinuation of Rs 5000 note

September 10, 2018: The State Bank of Pakistan, on Monday, rejected all the rumors circulating on the social media regarding the discontinuation of Rs 5000 banknote and requested the general public to pay no heed to such disinformation.

It further clarified that the SBP Act, 1956 clearly defines the roles and responsibilities of different institutions including SBP for issuance, circulation and demonetization or cancellation of banknotes.

Specifically, section 25 of the Act requires a recommendation of SBP Board of Directors before the Federal Government makes any decision about the demonetization or cancellation of banknotes.

The SBP Board has not submitted any recommendation for demonetization or discontinuation of Rs.5000 or any other banknote to Federal Government or Cabinet, it said.

Further, in case of demonetization of any bank note, SBP announces the same well in advance and provides ample time to public to change the currency under demonetization process.

SBP places all such announcements on its website and circulates the same through its social media platforms as well. The public is therefore advised not to pay heed to any such rumors that are aimed at creating unnecessary hype and anxiety.

Posted on: 2018-09-10T17:22:00+05:00