SBP denies rumours about demonetization of Rs5000 banknotes
Last updated on: 11 September,2018 03:44 pm
SBP stated, in case of demonetization of any bank note it announces in advance and gives ample time.
KARACHI (Dunya News) - The State Bank of Pakistan (SBP) has dismissed rumours discontinuation of Rs5,000 banknote.
With the start of new government rumours were circulating on social media regarding the discontinuation of Rs5,000 currency note.
Business community was upset of the reamers as government was also quiet over the issue either to confirm or deny the news.
However on Monday, SBP issued a press release stating, “It is further clarified that SBP Act, 1956 clearly defines the roles and responsibilities 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 Directors before the Federal Government makes any decision about the demonetization or cancellation of banknotes.”
The statement added that the central bank Board has not submitted any recommendation for demonetization or discontinuation of Rs5,000 or any other banknote to federal government or the cabinet.
Moreover, SBP stated, in case of demonetization of any bank note, bank places all such announcements on its official website and shares it on social media as well and gives ample time to public to change the currency under demonetization process.
SBP also advised the public not to pay heed to any such rumors which are aimed at creating unnecessary hype and anxiety.