Sate Bank of Pakistan is considering to discontinue the currency notes of Rs. 5,000 said by Deputy Governor of State Bank of Pakistan Saeed Ahmad in a briefing during meeting of Public Accounts Committee.
He said that many requests received by State Bank asks to discontinue Rs. 5,000 currency notes and State Bank is evaluating this situation and considering to discontinue to currency notes.
Deputy Governor was of the view that coins are preferred globally due to longevity and lesser chances of forgery, coupled with requests from various quarters, it has compelled the bank to consider the future of Rs. 5,000 currency note.
Due to these valid points, there is a need to study whether to continue or discontinue the Rs5,000 denomination note.
PAC member, Sheikh Rasheed Ahmad disclosed that there has been an increasing trend of fake Rs. 5,000 currency notes, causing loss to masses, also there notes can be used to smuggle large amount of money with out any fear of detection.
Deputy Governor SBP explained that while there might be difficulties in carrying large amounts for business transactions, forgery cases are alarming and demanded a discussion whether to continue or discontinue the Rs. 5,000 denomination notes.
Here i would like to mention that cost of minting a coin of almost any value is Rs. 3 and it lasts for 40 years but the cost of Rs. 100 note is Rs. 3.6 but it lasts only for 6 months to 2 years.