The State Bank of Pakistan has dismissed speculation about the possible withdrawal of the Rs. 5,000 currency note, stating that no such proposal is currently under consideration.
SBP Governor Jameel Ahmad made the clarification while briefing the Senate Standing Committee on Finance. He said discontinuing the Rs. 5,000 note would have a major and disruptive impact on the market.
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Federal Board of Revenue Chairman Rashid Langrial also warned that even discussing the withdrawal of the high-denomination note could create uncertainty in the economy due to its widespread use in daily transactions.
The SBP governor told the committee that any decision to replace or change currency notes would require formal approval from the federal government and the federal cabinet.
He also informed lawmakers that the SBP Board has approved designs for new currency notes, which will include enhanced security features and a revised color scheme to curb counterfeiting and improve durability. However, he said the government can move forward with implementation only after cabinet approval, and no unilateral action can be taken.
