Information ministry says no ban on Rs5000 note

Islamabad: The Federal Ministry of Finance on Thursday has denied any ban of Rs5,000 currency notes, saying a notification circulating in this regard is fake.

The Finance Ministry issued no such notification.

According to the bogus announcement, Rs. 5,000 bills will no longer be legal tender as of September 30, 2023.

"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," the notice read.

The false notice also advised the citizens and financial institutes to exchange or deposit the Rs5000 currency notes at authorised banks by the said deadline as they will no longer be legal tender after that.

The government would also start an awareness campaign to inform people about the impending shift and to give instructions on how to exchange or deposit Rs 5000 notes, it was further revealed.