A week back, we had secured the news that a determination was passed by the Senate, requiring the Rs 5000 currency note to be demonetized. However now, according to the significant powers, it has been affirmed that that is not going to happen. As indicated by explanation discharged by a spokesperson of the Ministry of Finance, the Ministry has denied all the news reports, hypotheses and rumors about the demonetization of the Rs 5000 currency note.
Rs 5000 Currency Note Announcement
The announcement says that the Government had never taken such a choice for this situation, and nor was there any defense for the end of the 5,000 Rupee note. The representative additionally said that the choice to demonetize the 5,000 Rupee would be an extremely rash choice since the 5,000 Rupee note as of now fundamentally falls behind the high esteem notes of different nations, for example, the $100 note, €200 note and the £50 note.
As said before too, a week ago, the Senate endorsed a determination to demonetize and pull back the Rs 5000 currency note from dissemination. The determination was emphatically contradicted by the members of the Federal Government.
The determination approached the Government to demonetize the high category monetary certificates with a specific end goal to lessen unlawful cash stream, empower the utilization of ledgers and diminish the extent of undocumented economy. In any case, it appears that after the Finance Ministry’s illumination, the matter of its demonetization has been put to rest.
Currency Note History
Standard government issues started in 1948 in groups of 1, 5, 10 and 100 rupees. The administration kept on issuing 1 rupee notes until the 1980s yet other note issuing was assumed control by the State Bank of Pakistan in 1953, when 2, 5, 10 and 100 rupees notes were issued. Just a couple 2 rupees notes were issued. 50 rupees notes were included 1957, with 2 rupees notes reintroduced in 1985. In 1986, 500 rupees notes were presented, trailed by 1000 rupees the following year. 2 and 5 rupees notes were supplanted by coins in 1998 and 2002. 20 rupee notes were included 2005, trailed by Rs 5000 currency note in 2006.