Business & Finance

Caretaker Government Dismisses Fake News on Rs5,000 Bank Note Discontinuation

The caretaker federal government has refuted rumors circulating on social media regarding the discontinuation of Rs5,000 bank notes in Pakistan. The denial comes in response to a purported notification from the Finance Division, which falsely claimed a ban on the use and circulation of the Rs5,000 currency note across the country.

“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,” reads the notification that quickly spread on social media, causing confusion among citizens who sought official clarification.

The Federal Ministry of Finance categorically stated that there were no plans to ban Rs5,000 currency notes, declaring the circulating notification on social media as fake.

Caretaker Information Minister Murtaza Solangi also rejected the notification, labeling it as fake.

The genesis of this misinformation can be traced back to a resolution tabled by PTI senators in the Senate, proposing a ban on the use of Rs5,000 notes to control corruption in the country.

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