Rs5,000 Note
Caretaker Finance Minister Shamshad Akhtar reiterated that the government has no plans to remove the Rs5,000 note from circulation. In a Saturday night interview on Dunya News, Akhtar emphasized that addressing Pakistan’s economic challenges requires implementing reforms that encourage investment rather than resorting to demonetization, which she deemed ineffective.
During the interview, Akhtar mentioned that she had introduced the Rs5,000 note during her tenure as the governor of the State Bank of Pakistan, responding to the government’s request at the time. She still views it as a positive step. Akhtar argued against demonetization, citing potential risks in handling smaller denominations if the Rs5,000 note were broken down.
Emphasizing the need to provide the public with investment opportunities, Akhtar suggested implementing new schemes and improving the stock exchange. She stressed the importance of addressing the black economy, which has flourished due to improper practices, and highlighted digitization as a key reform to combat it.
Regarding returns from Islamic banks, Akhtar mentioned that conventional banks provide decent returns, but Islamic banks need to offer more “effective” returns. While acknowledging that this falls under the State Bank of Pakistan’s domain, she expressed personal efforts to engage with Islamic banks to resolve the issue, in line with Pakistan’s commitment to Islamize its banking system.
Rumors about discontinuing the Rs5,000 note surface regularly in Pakistan, and in September of the current year, caretaker Information Minister Murtaza Solangi had to debunk a fake notification claiming that the note would be banned from September 30.
