Following the footsteps of Indian Prime Minister Narendra Modi, Pakistan People’s Party (PPP) Senator Osman Saifullah Khan on Thursday submitted a resolution in the upper house of the Parliament, calling to withdraw Rs1,000 and Rs5,000 rupee notes from circulation.
The high denomination notes raise the possibility of money laundering and corruption in the country, opined Saifullah Khan while addressing the Senate’s standing committee on finance.
“The house urges the government to take steps to withdraw from circulation as legal tender the high denomination Rs5,000 and Rs1,000 notes so as to reduce illicit money flows, encourage the use of bank accounts and reduce the size of undocumented economy,” reads the resolution, reported local media.
On Tuesday, Indian Prime Minister Narendra Modi announced that 500 and 1,000 rupee notes would be withdrawn from circulation from midnight in a bid to tackle corruption.
"To break the grip of corruption and black money, we have decided that the 500 and 1,000 rupee currency notes presently in use will no longer be legal tender from midnight i.e. 8 November, 2016," he said in a shock announcement on television.
The Rs5,000 denomination notes in Pakistan were introduced during the tenure of General (retd) Pervez Musharraf, despite opposition from the State Bank of Pakistan.
Comments
Comments are closed for this article.