Senate adopts resolution to withdraw Rs 5000 notes
ISLAMABAD (92 News) – The Senate adopted a resolution on Monday, recommending the government to take necessary steps to withdraw high denomination 5000 rupees notes from circulation.
The resolution was adopted in order to reduce illicit money flow, encourage the use of bank accounts and reduce the size of undocumented economy.
The senators were of the view that currency notes of 5000 rupees are used in illegal exchange of money.
However, the government members opposed the resolution.
Speaking on the resolution, Law Minister Zahid Hamid said that the withdrawal of 5000 rupees’ currency note will hamper business activities in the country and urged the mover to not stress on the resolution.