Governor Asserts Rs5,000 Note Will Remain in Circulation
Debate Over Rs5,000 Note Sparks Discussion at Senate Committee Meeting
A spirited debate regarding the future of the Rs5,000 note took place during the latest Senate Standing Committee on Finance meeting.
Senator Mohsin Aziz of PTI proposed the elimination of the Rs5,000 note, arguing that it contributes to corruption and financial misconduct. He suggested that even if the note were discontinued, it would likely continue to circulate illicitly at a reduced value, potentially around Rs3,000.
In response, State Bank Governor Jameel Ahmed refuted the idea, asserting that the SBP has no plans to withdraw the Rs5,000 note. He noted that while similar suggestions have been made in the past, none were acted upon. Governor Ahmed assured the committee that the Rs5,000 note will be included in the upcoming redesign of all currency notes, expected to be completed by December.
He emphasized that addressing misuse of the Rs5,000 note falls under the purview of law enforcement agencies. Additionally, he highlighted the SBP’s ongoing initiative to introduce a plastic currency note, with the introduction based on durability, cost, and security assessments.
The SBP is in the process of testing the plastic note and plans to initially release a single version. If successful, further plastic currency notes may be introduced.
