Demonetisation in Pakistan: Senate passes resolution to withdraw Rs 5000 note

According to reports, the withdrawal of the currency notes should take place within three to five years in order to purge markets of the notes.

By: PTI | Islamabad | Published:December 20, 2016 10:56 am
demonetisation, pakistan, pakistan 5000 rupee, pakistan rupree, pakistan demonetisation, 5000 rupee note, pakistan 5000 note, 5000 pakistan rupree note, pakistan news 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. (Source: Reuters)

Pakistan’s Senate Monday passed 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 demonetised 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.

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  1. N
    Neha
    Dec 21, 2016 at 8:49 am
    Of all the countries in the world, Modi has one follower. Nawaz Sharif!!!. North Korea had also banned currencies. Since bhakts are usually with IQ of 50 or less, there is no point in telling them to learn from history . African countries too have done it. You opt for note ban when you do not want to go after the big ones who take and pay bribes in the form of properties and investments. 95% of India´s black money is lying abroad. that includes investments made by Adanis, Ambanis andGujarati diamond merchants. Pheku will never touch the biggies because they are the ones who financially supported his election campaign. So this w drama in the name of black money is nothing but a stunt. But people are no s like Bhakts.
    Reply
    1. R
      Raj
      Dec 20, 2016 at 12:39 pm
      Freaks - copy cats - I bet they've bought the same paper as India and will be printing the new 2000 notes along with their own notes. It is not inspired, it is part of their work processes. A number of fake currencies in India were found to be based on the same paper as the s (that they were known to import).
      Reply
      1. A
        avi
        Dec 20, 2016 at 6:41 am
        Porki "NAKALCHI BANDAR" !
        Reply
        1. B
          Balaji
          Dec 20, 2016 at 7:55 am
          That shows the support from stan to modi move. What they did the mistake is they add some more creativity to the move by their own brain. It may be in the fear that people may tell the stan authority following the footstep of Modi . But things to be considered is the intention and its achievement. Intention is to stop the black money. If you allow the sufficient time then all the black money can be converted to other form of wealth easily without coming to bank. Unaccounted money can not be caught in this way. This black money very easily move to its white destination providing all the benefit to its black owner. Here only the change of currency will take place not the recovery of black money.
          Reply
          1. D
            Deepak
            Dec 20, 2016 at 11:47 am
            50 days for India. 5 years for stan. Senate approves, Government opposes in stan. Government has implemented but parliamentarians in blame game in India. Good contrast.
            Reply
            1. C
              Christopher George
              Dec 20, 2016 at 6:55 am
              Former Soviet Union (Now Russia many others), Zaire (Now war torn Congo), North Korea, Zimbabwe, India, Venezuela, stan - A new club of countries in making...
              Reply
              1. D
                deep
                Dec 20, 2016 at 7:21 am
                stan Modi ke pad chinoo per chale ga to taar jayega ..china ke chalega to bekhar jayega ..stan has to learn this
                Reply
                1. K
                  krish
                  Dec 20, 2016 at 6:24 am
                  Phased manner because Black markets, milbus and terror fundings should not get affected. 3-5 years means all money at present can be utilized for nuisances.
                  Reply
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