Twitter
Advertisement

Pak Senate adopts resolution seeking Rs 5,000 notes withdrawal

The resolution was endorsed by the majority of lawmakers in the Upper House.

Latest News
article-main
Pakistan Rs 5,000
FacebookTwitterWhatsappLinkedin

Pakistan's Senate passed on Monday a resolution seeking withdrawal of high denomination Rs 5,000 currency notes "in a phased manner" to curb the flow of black money, weeks after India demonetized its high value currencies.

Senator Usman Saif Ullah Khan of Pakistan Muslim League tabled the resolution that was endorsed by the majority of lawmakers in the Upper House. The resolution said that the withdrawal of Rs 5,000 notes will encourage the use of bank accounts and reduce the size of the undocumented economy, Dawn reported.

It said the withdrawal of the currency notes should take place within three to five years in order to purge markets of the 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 absence of Rs 5,000 notes. He said that currently 3.4 trillion notes are in circulation in country of which 1.02 trillion notes are of Rs 5,000 denominations.

The move appears to be inspired by India's recent demonetisation drive, in which notes of 500 and 1,000 Indian rupees were pulled from circulation. 

Find your daily dose of news & explainers in your WhatsApp. Stay updated, Stay informed-  Follow DNA on WhatsApp.
Advertisement

Live tv

Advertisement
Advertisement