SBP rejects rumours on demonetization of Rs5000 notes

Zafar Ahmed Khan

Karachi

State Bank rejects rumors on social media of discontinuation of Rs, 5000 banknotes.
Karachi, September 10, 2018: State Bank of Pakistan has rejects all the rumors on social media regarding discontinuation of Rs, 5000 Banknotes.
In a statement issued here on Monday, State Bank stated that, apropos the rumors circulating on social media regarding discontinuation of Rs.5000 banknote, SBP categorically rejects all such rumors and requests the general public to pay no heed to such disinformation. It is further clarified that 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.
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.

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