Pakistan to discontinue Rs5000 currency notes? Govt clarifies

Pakistan’s Ministry of Information and Broadcasting (MoIB) on Thursday denied reports of a supposed ban on the use, possession, and circulation of Rs 5000 currency notes after a fake circular with the letterhead of the Finance Division went viral on social media, Geo News reported.

The fake notice, dated September 7, 2023, stated that the said currency note would be banned by the end of this month under a "significant policy change" by the government.

The notice read: “In pursuance of sub-section (2) of Section 323 of Pakistan Penal Code (Act XLV of 1860), the Federal Government is pleased to announce a significant policy change aimed at strengthening the financial system and curbing illicit financial activities. With effect from September 30, 2023, the use, possession, and circulation of Rs 5000 currency notes will be banned throughout the country.”

The false notice also advised the citizens and financial institutes to exchange or deposit currency notes of Rs 5000 denomination at authorised banks by the said deadline as they would no longer be legal tender after that.

The notice further stated that the government will also launch an awareness campaign to educate citizens about the upcoming change and provide guidance on the proper procedures for exchanging or depositing Rs 5000 notes.

A fact-checking department operating under the MoIB, however, disproved the notification and the alleged upcoming ban on the said currency notes, terming it "fake news".

The Fact Checker MoIB shared the fake notification on their official account on X, clarifying that there is no such policy change to ban Rs 5000 notes.

"Disseminating #FakeNews is not only unethical and illegal but it is also a disservice to the nation. It is the responsibility of everyone to reject irresponsible behaviour. Reject #FakeNews," the MoIB's fact checker body wrote on X.

• Pakistan's interim PM says Saudi Arabia to invest $25 billion over next five years