A recent social media notification declaring the discontinuation of the Rs. 5,000 currency note in Pakistan by September 30, 2023, has been debunked as fake news by the Ministry of Information and Broadcasting (MoIB).
The MoIB’s Fact Checker account not only termed the news baseless but also unethical, emphasizing that it does a disservice to the nation.
As of now, no official statements regarding the discontinuation of the Rs. 5,000 currency note have been issued by either the Ministry of Finance or the State Bank of Pakistan (SBP). This indicates that the Rs. 5,000 currency note will continue to be in circulation across the country.
The Rs. 5,000 currency note was first introduced in Pakistan on May 27, 2006, and its status remains unchanged despite recent rumors.
Disseminating #FakeNews is not only unethical and illegal but it is also disservice to the nation. It is the responsibility of everyone to reject irresponsible behavior. Reject #FakeNews pic.twitter.com/bfrLn0b2Io
— Fact Checker MoIB (@FactCheckerMoIB) September 7, 2023
Earlier this year, top energy economist Ammar Khan suggested the possibility of demonetizing the Rs. 5,000 note, which currently holds the title of the highest denomination banknote in circulation in Pakistan. Khan cited the success of a similar demonetization strategy in India when the circulation of Rs. 500 and Rs. 1,000 currency notes was halted in November 2016.
India’s demonetization initiative aimed to curb the circulation of black money, though multiple reports suggested that it fell short of achieving its intended objectives. However, the move did lead to an increase in digital transactions both during and after the demonetization period. Despite this, Pakistan has made no official announcements regarding any plans for a similar move at this time.
