SBP rejects rumours of discontinuation of Rs5,000 banknote
Says it has not submitted any such recommendation to government
Says it has not submitted any such recommendation to government. PHOTO: FILE
KARACHI:
The State Bank of Pakistan (SBP) has dismissed rumours circulating on social media regarding the discontinuation of Rs5,000 banknote.
In a statement issued on Monday, the central bank rejected all such rumours and requested the general public to pay no heed to them.
"It is further clarified that the SBP Act 1956 clearly defines the roles and responsibilities of different institutions including the SBP for issuance, circulation and demonetisation or cancellation of banknotes," the statement added.
Specifically, Section 25 of the Act requires a recommendation of the SBP board of directors before the federal government makes any decision about the demonetisation or cancellation of banknotes.
SBP faces calls of abandoning Rs5,000 banknotes
"The SBP board has not submitted any recommendation for demonetisation or discontinuation of Rs5,000 or any other banknote to the federal government or the cabinet," it said.
Furthermore, in case of demonetisation of any banknote, the SBP said "it announces the same well in advance and provides ample time to the public to change the currency under the demonetisation process".
"SBP places all such announcements on its website and circulates the same through its social media platforms as well. The public is therefore advised not to pay heed to any such rumours which are aimed at creating unnecessary hype and anxiety."
The State Bank of Pakistan (SBP) has dismissed rumours circulating on social media regarding the discontinuation of Rs5,000 banknote.
In a statement issued on Monday, the central bank rejected all such rumours and requested the general public to pay no heed to them.
"It is further clarified that the SBP Act 1956 clearly defines the roles and responsibilities of different institutions including the SBP for issuance, circulation and demonetisation or cancellation of banknotes," the statement added.
Specifically, Section 25 of the Act requires a recommendation of the SBP board of directors before the federal government makes any decision about the demonetisation or cancellation of banknotes.
SBP faces calls of abandoning Rs5,000 banknotes
"The SBP board has not submitted any recommendation for demonetisation or discontinuation of Rs5,000 or any other banknote to the federal government or the cabinet," it said.
Furthermore, in case of demonetisation of any banknote, the SBP said "it announces the same well in advance and provides ample time to the public to change the currency under the demonetisation process".
"SBP places all such announcements on its website and circulates the same through its social media platforms as well. The public is therefore advised not to pay heed to any such rumours which are aimed at creating unnecessary hype and anxiety."