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Demonetization

Finance ministry dispels demonetization rumours of Rs 5,000 note

ISLAMABAD: The ministry of finance on Monday categorically denied news reports and rumours circulating regarding demonetization of Rs 5,000 note. According to a finance ministry‚Äôs spokesperson, the government had not taken any decision regarding discontinuation of Rs 5,000 note, so there was no need to give any justification into the matter. The spokesperson said that the current denomination of highest value notes in Pakistan i.e. Rs 5,000 was significantly smaller as compared to those of major currencies such as $100…

State Bank announces demonetization of old bank notes by Nov 30

KARACHI: State Bank of Pakistan (SBP) has decided to phase out all remaining old design currency notes of Rs. 10, 50, 100 and 1000. According to a press release by SBP, the old design banknotes will cease to be legal tender with effect from 1st December 2016 and the central bank has decided to phase out all remaining old currency notes of Rs. 10, 50, 100 & 1000. The central bank stated that SBP issued a new design banknote series which started with the issuance of Rs. 20 denomination banknote in 2005 to improve the…