The Ministry of Finance at the federal level has reacted to a message spreading on social media regarding the discontinuation of the Rs5,000 banknote.
According to the official Notification details “No.IDD/503627/118(A)-2023, In pursuance of sub-section, (2) of Section 323 of the 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”.
Here is the official notification of the Government:
The people started talking about it on social media, and the Ministry of Finance said that the news about stopping Rs5,000 notes in Pakistan is not true. They called all this fake news.
The Caretaker Information Minister, Murtaza Solangi, rejected the reports and said the government will act against those spreading “fake news”.
The recent buzz is not a coincidence as several fake rumors about demonetisation have spread and the State Bank of Pakistan has had to explain it several times.