Senate passes resolution to scrap Rs5,000 notes

Senate passes resolution to scrap Rs5,000 notes

Denomination Rs5,000 Note news

ISLAMABAD: Senate on Monday passed a resolution seeking withdrawal
of high denomination Rs 5,000 currency notes in order to curb the flow
of black money.

PML-N’s senator Usman Saif Ullah Khan tabled the resolution that was
endorsed by the majority of lawmakers in the upper house of the parliament.

The resolution said that the withdrawal of Rs 5,000 notes from circulation
will encourage the use of bank accounts and reduce the size of the undocumented economy.

It said the withdrawal of the currency notes should take place within
three to five years in order to purge markets of these notes.

Law Minister Zahid Hamid, however, said that the withdrawal of the notes
will create crises in the market and the people will resort to foreign currencies|
in the absence of Rs 5,000 notes.

He said that currently 3.4 trillion notes were in circulation in country, and
of these 1.02 trillion notes were of Rs 5,000 denomination.

Written by 

Related posts

Leave a Comment

error: Content is protected !!