Rs 5,000 note not being demonetize: Finance Ministry

Rs 5,000 note not being demonetize: Finance Ministry

Islamabad (Staff Report): The Ministry of Finance official spokesman has categorically repudiated the news reports and rumours circulating in a section of press and some business circles regarding demonetization of Rs 5000 note.

The statement illustrated that, the government has neither taken such a decision nor was there any justification for the discontinuation of Rs 5000 note.

According to the spokesman the current denomination of highest value notes in Pakistan i.e. Rs 5000 was significantly smaller compared to those of major currencies such as $100 note, Euro 200 and Pound Sterling 50. During 2015-16, only 17% of the notes printed were of Rs 5000 denomination.

Earlier, the Senate passed a resolution calling on the government to withdraw Rs 5,000 note from circulation.

Senator Osman Saifullah Khan of the opposition Pakistan People Party moved the resolution that was strongly opposed by members of the government.

In order to reduce illicit money flow, encourage the use of bank accounts and reduce the size of undocumented economy, the resolution called on the government to demonetise the high denomination bank-notes.