ISLAMABAD: State Bank of Pakistan (SBP) Governor Jameel Ahmed on Wednesday rejected rumours circulating on social media regarding the discontinuation of the Rs5,000 currency note, terming such claims as false and misleading.
The clarification was issued during a meeting of the Senate Standing Committee on Finance and Revenue held at Parliament House and chaired by Senator Saleem Mandviwalla. The meeting was attended by Finance Minister Muhammad Aurangzeb, the SBP governor, and senior officials from the Federal Board of Revenue (FBR).
Addressing the committee, Jameel Ahmed categorically stated that reports suggesting the demonetisation of the Rs5,000 note were baseless. He assured lawmakers that there is no plan to discontinue the high-denomination currency note.
The SBP governor informed the committee that work is underway on new designs for Pakistan’s currency notes, ranging from Rs10 to Rs5,000. He said the proposed designs feature improved security elements and have already been reviewed by the SBP Board before being sent to the federal government.
He added that the final approval for issuing new currency notes lies with the federal cabinet, noting that the matter is still under consideration and no final decision has been made yet.
Responding to a query by the committee chairman, the SBP governor said the central bank could brief lawmakers on the proposed currency designs in an in-camera session. The committee subsequently decided to hold a closed-door briefing on the issue during its next meeting.
During the session, committee members also expressed concern over banks deducting charges from customers for SMS alert services without prior consent. The members termed the practice unlawful and urged the SBP to take action against banks involved.
In response, the SBP governor said banks would face action if they charged customers for SMS alerts without proper disclosure. He explained that telecom companies had increased SMS rates, which prompted banks to pass on higher costs to account holders.
However, committee members argued that SMS alerts primarily benefit banks by reducing operational workload and saving time, and therefore customers should not be burdened with unjustified charges.
