A heated debate over the future of the 5,000 rupee note unfolded during a recent meeting of the Senate Standing Committee on Finance.
Senator Mohsin Aziz of the PTI proposed that the State Bank of Pakistan (SBP) eliminate the Rs5,000 note, citing concerns about its role in facilitating corruption and other financial irregularities.
He confidently asserted that if the note were discontinued, it would still be traded in the black market for a lower value, potentially at Rs3,000.
However, State Bank Governor Jameel Ahmed countered the proposal, stating that the SBP is not currently considering eliminating the Rs5,000 note. He emphasized that while similar proposals have been raised in the past, they were not implemented.
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Ahmed further assured the committee that the Rs5,000 note will be included in the upcoming redesign of all currency notes, scheduled for completion by December.
He added that stopping the misuse of the Rs5,000 note is the job of law enforcement agencies.
The SBP Governor also highlighted the bank’s ongoing efforts to introduce a plastic currency note. He explained that the decision to introduce a plastic note will be based on factors such as its durability, cost, and security features.
The SBP is currently conducting tests and plans to initially introduce only one plastic note. If the test results are positive, the SBP will consider introducing more plastic currency notes.
