Government to discontinue Rs.5000 note?
A notification circulating on social media has announced the discontinuation of the Rs. 5,000 currency note effective from September 30, 2023.
However, the Ministry of Information and Broadcasting's (MoIB) Fact Checker account has denounced this news as false and unfounded, emphasizing that spreading such misinformation is not only unethical but also detrimental to the nation.
Furthermore, neither the Ministry of Finance nor the State Bank of Pakistan (SBP) has issued any official statements regarding this matter. As a result, it can be inferred that the Rs. 5,000 currency note will remain in circulation in Pakistan.
It's worth noting that the Rs. 5,000 currency note was introduced in Pakistan on May 27, 2006. Earlier this year, a prominent energy economist, Ammar Khan, proposed the demonetization of the Rs. 5,000 note, the highest denomination in Pakistan. He cited the successful demonetization of Rs. 500 and Rs. 1,000 currency notes in India as a potential model for improving tax collection.