Reports that the State Bank is phasing out Rs5,000 currency notes resurfaced after screenshots of an undated article started doing the rounds on WhatsApp.
This created a bit of a panic among people who have these notes. However, the State Bank of Pakistan’s Chief Spokesperson Abid Qamar confirmed the report is incorrect.
The SBP says this is fake news and that it does not plan to discontinue Rs5,000 notes. In fact, the topic is not even under discussion, the spokesperson confirmed.
This is not the first time such rumours have gotten Pakistanis worried. Similar reports circulated two years ago, stating that the government wants to discontinue Rs5,000 currency bills to increase the tax base. The finance ministry had to issued a statement to stop the rumours.