SBP Confirms No Rs5000 Note Withdrawal Amid Currency Redesign Plan

The State Bank of Pakistan (SBP) has confirmed No Rs5000 Note Withdrawal, putting an end to speculation about the future of the country’s highest-denomination currency. The clarification came during a parliamentary committee meeting, where SBP Governor Jameel Ahmad briefed lawmakers on upcoming currency changes.

Ahmad said the central bank plans to redesign all banknotes with modern security features. The SBP board has already finalized the new designs and sent them to the federal government for approval. Once cleared, the updated notes will move toward production.

In addition, the governor revealed that authorities are considering introducing plastic currency notes on a trial basis. These notes would use advanced technology aimed at improving durability and reducing counterfeiting risks.

Despite ongoing reforms, officials stressed there is No Rs5000 Note Withdrawal proposal under review. Federal Board of Revenue Chairman Rashid Langrial warned that removing a high-value note could disrupt economic stability. Following the assurance, Senate committee chair Saleem Mandviwala said the issue should now be considered settled.

The meeting also addressed consumer concerns about SMS charges linked to ATM transactions. Mandviwala noted that customers often pay for alert messages. However, the governor clarified that mandatory alerts remain free, while charges apply only to optional service messages.

Ahmad further explained that telecom companies collect these fees directly, and the central bank receives no share. He added that SMS costs have risen sharply, increasing from about Rs0.04 to more than Rs4 per message over the past two years.

The redesign initiative forms part of broader efforts to strengthen Pakistan’s currency system. Officials say updated notes with enhanced security can help curb counterfeit circulation and maintain public trust in cash transactions.

For now, the timeline depends on government approval. Printing typically begins only after cabinet clearance, meaning the new notes may take time before entering circulation.

The SBP’s message is clear: while Pakistan prepares for a modern currency series, the Rs5,000 note will remain in use. The reassurance is expected to calm markets and prevent unnecessary uncertainty among businesses and consumers.