ISLAMABAD – Senate proceedings witnessed a resolution seeking the withdrawal of high denomination Rs 5,000 currency notes from circulation in a bid to curb corruption and inflation.
PTI senators moved a resolution seeking the discontinuation of Rs5,000 currency note, arguing that the Rs 5000 note was being used in illegal transactions.
During Senate session, Senator Mohsin Aziz tabled a resolution in the Upper House of Parliament, as the legislator linked the highest denomination currency bill with corruption, terrorism, and even smuggling.
Pakistan to ban Rs5,000 note to end corruption?
In his speech, he said that Rs5000 currency notes worth Rs3.5 trillion have been issued in previous years, opining that nearly half of them are not in circulation and are stored in safe houses.
Senator suggested that the government should give a limited period to surrender Rs5000 currency notes.
PTI Senator Waleed Iqbal also aided Aziz’s resolution to ban the Rs5,000 currency note, maintaining that digital payments should be promoted to curb currency circulation.
On the other hand, caretaker Information Minister Murtaza Solangi denied Senator claim, and argued that Rs4.5 trillion Rs5,000 notes are in circulation.
He further maintained that the central bank operates under its laws and the former setups gave unwanted autonomy to SBP.
