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Is Pakistan Discontinuing Rs5000 Currency Note?

False Finance Division information is making rounds on social media.

According to the bogus announcement, “the Federal Government is pleased to announce a significant policy change aimed at strengthening the financial system and reducing illicit financial activities in accordance with sub-section (2) of Section 323 of the Pakistan Penal Code (Act XLV of 1860).” The usage, ownership, and circulation of Rs5000 currency note would be prohibited nationwide beginning on September 30, 2023.

“The following are important considerations for this policy change:

Effective Date: On September 30, 2023, the use of Rs 5000 notes will be prohibited. These notes shall not thereafter be deemed to be legal money.

Exchange and Deposit: Up until the deadline, individuals and financial institutions are urged to exchange or deposit their Rs. 5000 notes at accredited banks and financial organizations. The notes will only be honored at specific government agencies and central banks after September 30, 2023.

Public Education: The government will start a public education campaign to inform people about the impending shift and to give instructions on how to exchange or deposit Rs. 5,000 notes, it continues.

It has what appears to be Muhammad Shahid Ahmed Ch signature as Deputy Secretary R-III.

When Daily Pakistan investigated the situation, an expert revealed that the Internal Finance Wing had no Deputy Secretary R-III.

The text size and style are also very different from the official government notification.

Additionally, neither the State Bank of Pakistan (SBP) nor the Ministry of Finance have issued any official statements on the subject.

This indicates that the Rs 5,000 currency note will continue to be used in Pakistan.

Pakistan introduced the Rs 5,000 note on May 27, 2006.

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