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Finance Ministry says , Govt not demonetizing Rs 5000 notes


ISLAMABAD,Pakistan (TNO) Finance Ministry Monday(26th Dec) categorically denied the news reports and rumors circulating in a section of press and some business circles regarding demonetization of Rs.5000 note.According to a statement issued by the spokesman of the Finance Ministry, the government has neither taken such a decision nor was there any justification for the discontinuation of Rs.5000 note.He elaborated the position that the current denomination of highest value notes in Pakistan i.e. Rs.5000 was significantly smaller compared to those of major currencies such as $100 note, Euro 200 and Pound Sterling 50. During 2015-16, only 17% of the notes printed were of Rs.5000 denomination.“Given the continuing use of cash in transactions, government believes that discontinuation of Rs.5000 note would adversely affect the efficiency of exchange in the business and be a source of major discomfort and anxiety for the people. As such the very notion of cancellation of such convenience in transactions is preposterous and unequivocally denied,” the spokesman said.





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