Pakistan to discontinue Rs5000 currency notes? Govt clarifies

The notice, dated September 7, stated that the said currency note would be banned for use, circulation by the end of this month


On Thursday, Pakistan’s Ministry of Information and Broadcasting (MoIB) dismissed reports about an alleged ban on the use, possession, and circulation of Rs 5000 currency notes. This clarification comes in response to a counterfeit circular that featured the letterhead of the Finance Division and had gained traction on social media, as reported by Geo News.

The forged notice, dated September 7, 2023, falsely claimed that the government was planning to implement a “significant policy change” by the end of the month, which would lead to the prohibition of the mentioned currency note.

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 misleading notice also suggested that citizens and financial institutions should exchange or deposit Rs 5000 denomination currency notes at authorized banks before the specified deadline, as these notes would lose their legal tender status thereafter.

Additionally, the notice mentioned that the government planned to launch an educational campaign to inform citizens about the upcoming change and provide guidance on the proper procedures for exchanging or depositing Rs 5000 notes.

A fact-checking unit operating within the Ministry of Information and Broadcasting (MoIB) swiftly debunked the notification and the alleged upcoming ban on the mentioned currency notes, labeling it as “misinformation.”

The Fact Checker MoIB shared the counterfeit notification on their official X account, making it clear that there is no authentic policy alteration aimed at banning 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.

Additionally, Pakistan’s Federal Caretaker Minister for Information and Broadcasting, Murtaza Solangi, refuted the reports and emphasized that the government would pursue legal actions against those spreading such “misinformation,” as reported by Geo News.

He stated, “This is untrue. The Government of Pakistan will take measures against individuals disseminating such deceptive information with the intention of causing disturbance,” in a post on X.

It’s important to note that disseminating false information is considered an offense under the Pakistan Media Regulatory Authority (Pemra) Amendment Bill of 2023, and it is subject to a fine of Rs 10 million.

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