State Bank of Pakistan Governor Jameel Ahmed dismissed social media rumours on Wednesday, clarifying that the Rs5,000 currency note is not being demonetised, calling them misleading and false.

He made the statement during a Senate Standing Committee on Finance and Revenue meeting, chaired by Senator Saleem Mandviwalla, attended by Finance Minister Aurangzeb and senior FBR officials.

“Reports claiming the Rs5,000 note is being discontinued are fake,” the SBP governor told lawmakers, stressing that the note remains valid and no demonetisation plans exist.

Jameel Ahmed informed the committee that the government is working on new designs for currency notes ranging from Rs10 to Rs5,000, featuring improved security features and updated designs.

He said the SBP Board reviewed the proposed currency note designs before submitting them to the federal government for consideration and approval by the federal cabinet.

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“The final decision to issue new notes rests with the cabinet,” he added, confirming no decision has been taken yet regarding the release of redesigned currency notes.

In response to committee questions, the SBP governor offered to brief members in a closed-door session about the proposed note designs during the next meeting.

Members also raised concerns regarding banks deducting SMS alert charges without customer consent, calling the practice illegal and urging the State Bank to intervene against such banks.

Jameel Ahmed explained that rising telecom SMS rates led banks to pass higher costs onto customers, but confirmed that banks would face action if charges were imposed without notice.

Committee members emphasized that SMS alerts primarily benefit banks operationally, and customers should not bear unjustified charges, urging the SBP to ensure transparency and protect account holders’ rights.