Is State Bank of Pakistan issuing Rs10000 banknotes? The State Bank of Pakistan responded to social media claims about the release of Rs10,000 banknotes.
The central bank cleared the air after multiple unsubstantiated social media rumours stated that the State Bank of Pakistan is issuing new Rs10,000 currency notes in the midst of the rupee’s dramatic depreciation.
Is State Bank of Pakistan issuing Rs10000 banknotes?
SBP spokeswoman told media that speculations of printing bigger denomination banknotes are false, dismissing social media rumours.
While some social media users believed the accusations, others were quick to point out that the name of State Bank Governor Yasin Anwar, who served until 2014, was etched on the Rs10000 note.
This is not the first time such rumours about the issuance of Rs10,000 banknotes have appeared, as the SBP previously dismissed such rumours in 2018.
Must read: No new currency notes this Eidul Fitr: SBP
The State Bank of Pakistan (SBP) is the Central Bank of Pakistan. Its Constitution, as originally laid down in the State Bank of Pakistan Order 1948, remained basically unchanged until 1 January 1974, when the bank was nationalised and the scope of its functions was considerably enlarged.
The State Bank of Pakistan Act 1956, with subsequent amendments, forms the basis of its operations today. The headquarters are located in the financial capital of the country Karachi.
The bank has a fully owned subsidiary with the name SBP Banking Services Corporation (SBP-BSC), the operational arm of the Central Bank with a Branch Office in 16 cities across Pakistan.
The State Bank of Pakistan has other fully owned subsidiaries as well: the National Institute of Banking and Finance, the training arm of the bank providing training to Commercial Banks, the Deposit Protection Corporation, and ownership of the Pakistan Security Printing Corporation.
