In connection with the federal government’s steps to curb corruption, while registering prize bonds worth Rs 40,000 and Rs 25,000 in the first phase, a final decision has also been taken to close Rs 5,000 currency notes. A senior official of a central bank in the country told Urdupoint that the government has decided to phase out 5,000 notes. The most considerable currency note in the country will remain at Rs 1,000. That is why the banks run out of 5,000 notes as the SBP is not issuing new letters of this denomination.
In this regard, sources in the Ministry of Finance have confirmed the closure of 5,000 currency notes and said that talks are underway between the federal government and SBP officials in this regard. “It is very easy to put ten dollars in Habibs and take them anywhere, but in terms of value, five dolls are worth Rs 2.5 million,”
Sources said that 5,000 currency notes would probably be scrapped by the end of this year, leading to a massive reduction in corruption in the country. Currency notes will be phased out as the SBP has almost stopped printing 5,000 notes at present, and only circulating notes are available in the market. In the coming months, its production will be eliminated entirely in the second phase of commercial banks. The work of depositing 5,000 notes from the market will be started in the last phase; by announcing its cancellation date. The public will be appealed to deposit 5,000 notes in commercial banks and get alternative notations.
