A notification making the rounds on social media regarding a ban on the use, possession, and circulation of Rs 5,000 currency notes across the country is a fake.
No such notification was issued by the Ministry of Finance, nor was a follow-up notice issued by the State Bank of Pakistan (SBP).
As per the text of the fake notification, "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 5,000 currency notes will be banned throughout the country."
"Citizens and financial institutions are encouraged to exchange or deposit their Rs5,000 notes at authorized banks and financial institutions until the specified deadline. After September 30, 2023, the notes will only be accepted at designated government offices and central banks," the fake notification stated.
It was also stated in the fake notification that the government will launch an awareness campaign to educate citizens about the upcoming change and provide guidance on the proper procedures for exchanging or depositing Rs 5,000 notes.
On social media platform X, formerly known as Twitter, Caretaker Federal Minister for Information and Broadcasting Murtaza Solangi clarified that the notification is fake, adding that the government will take strict action against those involved in spreading fake notifications with the aim of creating chaos.
The fake notice elicited feelings of a move by Indian Prime Minister Narendra Modi, from a few years ago where his government had announced to withdraw the INR500 and INR1,000 denomination notes nearly overnight and replaced them with new INR500 and a newly-introduced INR2,000 note in what was termed the 'Great Demonetisation'.