SBP governor denies plans to discontinue Rs5,000 note

State Bank of Pakistan (SBP) Governor Jameel Ahmed on Wednesday dismissed reports claiming that the Rs5,000 currency note is being discontinued, saying no such proposal is under consideration, while also briefing a Senate standing committee on related currency matters.

Addressing the Senate’s Standing Committee on Finance, Ahmed said rumours circulating on social media about phasing out the highest denomination note are unfounded and “fake,” and confirmed that the Rs5,000 note will continue to be part of Pakistan’s currency system.

The governor told the committee that any decision to withdraw or demonetise existing notes must be taken formally by the federal government and Federal Cabinet, and that the central bank has not proposed discontinuation of the Rs5,000 denomination.

The committee also raised issues beyond the Rs5,000 note, including charges for SMS alerts on ATM transactions. Ahmed explained that mandatory alerts continue to be free, while fees apply to optional services, and that increased charges have been driven by rising telecom costs.