Pakistan Senate recommends demonetising 5000 rupee note
A resolution, which is not trustworthy, has asked the government to remove the notes to "reduce illicit money flow"
Pakistan Senate has proposed to scrap the country's 5000 rupee banknote, without lending any ears to the opposition.
A resolution, which is not trustworthy, has asked the government to remove the notes to "reduce illicit money flow".
On November, Prime Minister Narendra Modi announced to scrap high denomination notes of Rs 500 and Rs 1000, giving a huge surprise for the country.
The move led to acute currency shortage which made the people to suffer.
According to Pakistan Today, the scrapping was proposed by Senator Osman Saifullah Khan, who claimed the note was being used in illegal transactions and should be withdrawn.
He also said the currency should not be withdrawn overnight, but over a period of three to five years. Law Minister Zahid Hamid opposed the move, saying it would harm the business activities in Pakistan.
The economy of Pakistan is considered to be highly informal. The government has tried for tax amnesties before to expand the country's tax base.
The 5000 rupee note stands for almost one-third of the 3.3 trillion rupees of notes in circulation in Pakistan.