- Is Rs5000 currency note being banned in Pakistan?
- Senate Standing Committee also suggests a ban on the note
- State Bank Pakistan denies any development regarding the ban
The debate regarding the discontinuation of the Rs5,000 currency note ignited several times, including discussions within government circles.
Interestingly, government officials have also advocated for the note’s ban, citing reasons such as curbing corruption.
However, a few months ago, the State Bank clarified that no such proposal was under consideration.
In today’s Senate Standing Committee meeting, committee member Mohsin Aziz suggested banning the Rs5,000 currency note, arguing that such measures are essential to prevent tax evasion.
He highlighted implementing practical steps that deliver results, making dishonesty difficult in transactions involving multiple agents.
It is important to mention here that during an August committee meeting, the State Bank Governor reiterated that there was no current proposal to discontinue the Rs5,000 currency note, despite similar suggestions in the past, which were not accepted.
