Senate adopts resolution to withdraw Rs5,000 banknote

Published: December 19, 2016
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The Senate adopted on Monday a resolution to withdraw the Rs5,000 note from circulation.

According to Express News, Pakistan Peoples Party (PPP) Senator Usman Saifullah tabled the resolution, arguing that the note was being used in illegal transactions and should be withdrawn.

Opposing the resolution, law minister Zahid Hamid said the move would have repercussions on the economy and the masses in general, as is unfolding in neighbouring India.

Senator suggests withdrawing Rs5,000, Rs1,000 banknotes

At this, Saifullah said the banknote shouldn’t be withdrawn at once as was done in India, but halting its printing and withdrawing the notes in a time span of three to five years. The House later adopted the resolution.

The resolution was submitted by the PPP lawmaker on November 10, seeking to reduce illicit money flows and encourage people to use banking services.

The move came after India’s recent demonetisation drive, in which notes of 500 and 1,000 rupee notes were pulled from circulation.

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Reader Comments (6)

  • Sad but true
    Dec 19, 2016 - 9:13PM

    No guys, no glory.Recommend

  • N.D. Jain
    Dec 19, 2016 - 9:22PM

    Good.Recommend

  • Hindustan(Sindhustan)
    Dec 19, 2016 - 9:38PM

    Good Move. Recommend

  • OSD
    Dec 19, 2016 - 11:09PM

    What are they doing!! India is actually suffering from this macho blunder!Recommend

  • Haji Atiya
    Dec 20, 2016 - 7:38AM

    Suspect this move is the result of some diktat at a higher international level, both in India and now Pakistan, by tax authorities to clean up our acts and move to the extent possible towards a cashless society.Recommend

  • Sumit Sharma
    Dec 20, 2016 - 9:19AM

    Lol, by passing resolution in advanced… they are letting black money holders to convert their black money in small notes asap..Recommend

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