Fact Check, Is Pakistan discontinuing Rs5000 currency note from Sept 30?
LAHORE – A fake notification of the Finance Division is circulating on social media, claiming that the government has decided to discontinue to Rs5,000 currency note in Pakistan from September 30, 2023.
The notification is being widely shared by social media users without verification, sparking panic among masses, who are struggling to verify it.
The fake notification states, “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”.
“Here are key points to note regarding this policy change:
Effective Date: The ban on Rs 5000 currency notes will take effect on September 30, 2023. From this date onwards, these notes will no longer be legal tender.
Exchange and Deposit: Citizens and financial institutions are encouraged to exchange or deposit their Rs S000 notes at authorized banks and financial institutions until the specified deadline. After September 30, 2023, the notes will only be accepted at designated government offices and central banks.
Public Awareness: The government will launch an awareness campaign to educate citizens about the upcoming change and provide guidance on the proper procedures for exchanging or depositing Rs5000 notes,” it adds.
It carries the alleged signature of Muhammad Shahid Ahmed Ch, Deputy Secretary R-III.
An expert on economic affairs told DailyPakistan that there was no any Deputy Secretary R-III in Internal Finance Wing.
The font size and style are also different than the official notification issued by the government.
Furthermore, there is no any official word from the Ministry of Finance and State Bank of Pakistan (SBP) on this matter.
This means, the Rs5,000 currency note — that was first introduced in Pakistan on May 27, 2006 — will remain in circulation in the country.
Meanwhile, Caretaker Information Minister Murtaza Solangi confirmed it as fake.
He also urged the government to act against the people spreading this kind of fake news to create chaos.
