September 15, 2018 / BY Faizan Shahzad

The State Bank of Pakistan denies rumours of discontinuing Rs. 5000 Note

WhatsApp and Facebook always become a reason for circulating rumours and fake news which create panic in public. However, both the social media platforms have taken strong measures to shut down and discourage such fabricated information.

But still, both platforms are successful and became a big source of spreading misinformation.  Recently, a new surge has been witnessed in Pakistan after the commencement of Prime minister Imran Khan’s government. The screenshots were circulated on WhatsApp about the withdrawal of Rs. 5000 currency note and amendments in the design of Rs. 50, 100, 500 and 1,000 notes. This news ultimately aroused panic among the public.

Later on, the SBP’s Chief Spokesperson Abid Qamar denied this news and confirmed that the report is fake. In clarification, the bank stated that the State Bank of Pakistan’s Act, 1956 clearly mentions the responsibilities and roles of all institutions including SBP for, issuing, circulating, demonetizing or cancelling the banknotes.

SBP further stated that section 25 of this Act strictly demands a recommendation of SBP Board of Directors before any decision will be made by the Federal Government regarding demonetization or cancellation of currency notes. However, SBP announced that we have not submitted any recommendations regarding discontinuing Rs. 5000 note to Cabinet.

The SBP further announced that, in case of discontinuance of any currency note, SBP will make an announcement earlier and provide ample of time to the public in order to utilize or exchange the currency by going through the demonetization process.

SBP placed this message on its website and also circulates it on different media platforms. Therefore. It has been requested to the public to ignore such rumours which only aimed to create anxiety and hype.

Well, this is not the first time that such fake news created chaos among Pakistanis. Two years back, the same kind of a rumour was spread regarding demonetization of Rs 5000 currency notes, which was stopped after the statements of Finance Minister. However, people are also advised to do some research before paying heed on such unauthentic and fake news.

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