ISLAMABAD – Over thr media reports of Rs 5000 Note discontinuation, StateBank of PAKISTAN makes important statement.
Regarding the rumors circulating on social media about discontinuation ofRs.5000 banknote, SBP has categorically rejected all such rumors andrequested the general public to pay no heed to such disinformation.
It is further clarified that SBP Act, 1956 clearly defines the roles andresponsibilities 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 Directorsbefore the Federal Government makes any decision about the demonetizationor cancellation of banknotes.
The SBP Board has not submitted any recommendation for demonetization ordiscontinuation of Rs.5000 or any other banknote to Federal Government orCabinet.
Further, in case of demonetization of any bank note, SBP announces the samewell in advance and provides ample time to public to change the currencyunder demonetization process.
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SBP places all such announcements on its website and circulates the samethrough its social media platforms as well. The public is therefore advisednot to pay heed to any such rumors which are aimed at creating unnecessaryhype and anxiety.
They may also verify announcements from SBP Website (www.sbp.org.pk),Facebook page link) and Twitteraccount before forwarding the same to their contacts.
