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28 June 2017 Last updated 1 hour ago

Senator proposes ban on Rs.1000 & Rs.5000 notes

Senator proposes ban on Rs.1000 & Rs.5000 notes File Photo Senator proposes ban on Rs.1000 & Rs.5000 notes

Pakistan People’s Party (PPP) Friday moved a motion in the Senate for a ban on currency notes with 1000 and 5000 denominations.

PPP Senator and member of the Senate’s Standing Committee for Finance, Usman Saifullah tabled the movement and said there are increased chances for currency notes of bigger denominations to be used in money-laundering and corruption; hence, big currency notes are being discouraged across the world.

Citing an example from India, Usman also underscored the need for Pakistan to ban both currency notes in Pakistan.

It should be mentioned here that Indian government led by Prime Minister Narendra Modi announced to put a ban on currency notes of one thousand and five hundred denominations.