SBP Provides Clarification on Rs75 Commemorative Banknote Demonetization

State Bank of Pakistan (SBP) Clarifies Rumours Regarding Demonetization of Rs75 Commemorative Banknote

In response to the circulating rumors suggesting the demonetization of the Rs75 commemorative banknote, the State Bank of Pakistan (SBP) categorically dismissed these claims on Friday. The SBP clarified that the commemorative banknote holds the same legal status as any other currency note.

In a video message posted on the central bank's official Twitter handle, the spokesperson of SBP, Abid Qamar, emphasized that the Rs75 commemorative banknote was introduced last year to commemorate the 75 years of independence of the country.

Qamar explained that the issuance of all currency notes is carried out by the SBP under the provisions of Section 25 of its Act.

He further affirmed that the Rs75 commemorative banknote is a valid legal tender and can be used in all types of transactions as a medium of exchange.

The spokesperson strongly refuted the rumors suggesting that the government has discontinued or withdrawn the banknote, emphasizing that such claims are entirely baseless.

Qamar clarified that the Rs75 commemorative banknote has no expiration date and can be utilized in all transactions without any restrictions.

It is worth mentioning that during the Eid ul Fitr celebrations, many shopkeepers across the country refused to accept Rs75 notes, leading to the spread of rumors regarding the demonetization of the banknote.