Now, ban on on high-denomination notes sought in Pakistan

November 11, 2016 17:00

Citing India as an example for scrapping high-denomination notes, a Pakistani lawmaker has submitted a resolution in the Senate asking the government to withdraw Rs 1,000 and Rs 5,000 notes from circulation to combat black money and corruption in the country.

Opposition Pakistan Peoples Party Senator Osman Saifullah Khan, addressing a standing committee on finance, said high denomination notes raise the possibility of money laundering and corruption.

Referring to India as an example, he added that the world over such notes were being discouraged.

India has demonetised Rs 500 and 1,000 notes, making these notes invalid in a major assault on black money, fake currency and corruption.

Khan said the issue of withdrawal of currency notes should be taken up with the Ministry of Finance and the Central Bank.

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