Senate passes resolution to pull Rs5,000 note from circulation

[Dawood Ibrahim]

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By GEO ENGLISHPosted on: 22 minutes ago

ISLAMABAD: The Senate on Monday passed a resolution calling on the government to withdraw high denomination Rs5,000 notes from circulation, after neighbouring India outlawed high-value bank notes last month in a move to curb corruption and tax evasion.

The resolution moved — Senator Osman Saifullah Khan of the opposition Pakistan People Party, which has a majority in the Upper House of Parliament — was strongly opposed by members of the government.

The resolution called on the government to demonetize the high denomination bank notes "in order to reduce illicit money flow, encourage the use of bank accounts and reduce the size of undocumented economy".

Most illicit transactions are carried out using the Rs5,000 note, said Senator Saifullah, although he advised the government not to apply the method adopted by New Delhi.

Saifullah suggested that the government stop printing of the high denomination note and gradually pull it out of circulation over the course of between 3 and 5 years.

The resolution was strongly opposed by Federal Minister for Law and Justice Senator Zahid Hamid. He said that around 3.431 trillion bank notes of Rs5,000 denominations were in circulation in Pakistan.

Rs5,000 bank notes comprise a total of 30 percent of the total currency in circulation, he said.

Withdrawing such a large number of bank notes from the economy could cause a monetary crisis, he said, adding that people might prefer foreign currency over the Pakistani rupee in the steep drop in supply of the local currency.

The resolution was passed by the House with majority vote.



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[Dawood Ibrahim]

Modi K effects on our PM

 

[padamchen]

Busy, stressful but very profitable days ahead for my friend @User

CAs are the current superstars and mai baaps in India. Unreachable on the phone.

 

[war&peace]

I was always against large denominations of the currency as this marks the devaluation and also supports corruption. However unlike India, Pakistan should do it gradually and in a civilised manner (well that's the difference between Pakistan and India, Pakistan is civilised).

 

[Tps43]

I guess they should get banned bcuz They r actually too big notes 2000 note would have been better.

 

[padamchen]

Sigh ...

 

[Flash_Ninja]

Modi K effects on our PM

Nah, its just PPP, who will just end up shooting themselves in the foot since their entire party is based on black money.

was strongly opposed by members of the government.

 

[raihans]

Saifullah suggested that the government stop printing of the high denomination note and gradually pull it out of circulation over the course of between 3 and 5 years.

so those who own the 5000 rupee currency notes kept in their house basements, can easily exchange them with 1000 rupee currency notes during the specified time

 

[war&peace]

so those who own the 5000 rupee currency notes kept in their house basements, can easily exchange them with 1000 rupee currency notes during the specified time

Not all the corrupt people have 5000 bills in their homes, a lot of middle class people also have. An idiotic quick ban like India will damage the economy of Pakistan more than the corrupt people who have a lot of foreign currency accounts and bills.

 

[raihans]

Not all the corrupt people have 5000 bills in their homes, a lot of middle class people also have. An idiotic quick ban like India will damage the economy of Pakistan more than the corrupt people who have a lot of foreign currency accounts and bills.

bro, i am referring to house basements

btw, poor people don't keep such wealth in basements, even most have no such housing structures or even houses

 

[I.R.A]

Busy, stressful but very profitable days ahead for my friend @User

CAs are the current superstars and mai baaps in India. Unreachable on the phone.

I am sure Indian counterparts won't be busy in making black the white, its a misconception that has been attached to their profession, otherwise I believe they too have higher standards of moral conduct and ethical code to adhere to.

 

[I S I]

Senator Osman Saifullah Khan of the opposition Pakistan People Party, which has a majority in the Upper House of Parliament —

The resolution called on the government to demonetize the high denomination bank notes "in order to reduce illicit money flow, encourage the use of bank accounts and reduce the size of undocumented economy".

Look who's talking.

 

[padamchen]

I am sure Indian counterparts won't be busy in making black the white, its a misconception that has been attached to their profession, otherwise I believe they too have higher standards of moral conduct and ethical code to adhere to.

Bro if you've bought or sold a house in India, you have undisclosed money. There is no escape, even for honest folk. Which a large segment of the salaried class are. Just the way the system has been operating.

 

[Talwar e Pakistan]

Now's not a good time; we should wait several years.

 

[I.R.A]

Bro if you've bought or sold a house in India, you have undisclosed money. There is no escape, even for honest folk. Which a large segment of the salaried class are. Just the way the system has been operating.

Can't it be classified under Gift or inheritance?