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No plan to demonetise Rs5000 notes, says SBP
By Tariq Butt September 12, 2018
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ISLAMABAD: The State Bank of Pakistan (SBP) has categorically rejected the rumours circulating on social media regarding discontinuation of Rs.5000 banknote.

In a statement, it said the SBP Board has not submitted any recommendation for demonetisation or discontinuation of Rs.5000 or any other banknote to federal government or cabinet.

Further, in case of demonetisation of any bank note, the SBP announces the same well in advance and provides ample time to public to change the currency under demonetisation process.

The SBP places all such announcements on its website and circulates the same through its social media platforms as well, the statement said.

It added that the public is therefore advised not to pay heed to any such rumours which are aimed at creating unnecessary hype and anxiety.

Apart from this concoction, the social media is full of abundant fake news, creating immense confusion and uncertainty. The government is helpless to control or curb these lies and falsehoods.

Information Minister Fawad Chaudhry hinted sometime back that the government was considering devising a mechanism to discourage spread of fake news through the social media.

Meanwhile, the top debt management official of the Finance Ministry, a nominee of the previous Pakistan Muslim League-Nawaz (PML-N) administration, has resigned to make room for the appointment of his successor by the Pakistan Tehrik-e-Insaf (PTI) government.

The resignation of Ehitsham Rashid, the Director General of Debt Policy Coordination Office (DPCO) of the Ministry of Finance, comes after public debt and liabilities climbed to Rs30 trillion at the end of financial year 2017-18 on June 30. External debt — including private projects covered by sovereign guarantees — has also crossed $95 billion, said a report.

“Now the PTI-led government has decided to advertise this post for selection of a new candidate and then a summary will be moved for the appointment of a new chief of the Debt Office to Prime Minister Imran Khan,” a top official said.

The PML-N administration brought in Rashid on deputation from the National Bank of Pakistan in December 2014. He served in this position for some three years and 10 months.

After winning July 25 elections, it is now the prerogative of the PTI-led government to fill this post with nominee of its own. The DPCO is responsible to present debt and fiscal statements every year to the parliament, so as to apprise it of the latest measures to manage public debt.

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