Now, Pakistan to demonetise Rs 5,000 notes to clean corruption?

Now, Pakistan to demonetise Rs 5,000 notes to clean corruption?

Zee Media Bureau

New Delhi: There are news reports in Pakistan's new media that government may undertake steps to demonetise high denomination Rs 5000 currency notes in the country.

As per Dawn newspaper report,  "Special Assistant to Prime Minister Haroon Akhtar Khan told Dawn earlier on Monday that the proposal to discontinue currency notes and prize bonds of the highest denomination was “under consideration.”

The report added that , "Mr Khan said the proposal first came from the Tax Reforms Commis­sion before the 2016-17 budget. But the final decision was postponed and a tax reforms implementation committee was asked to look into it after the budget".

The committee is now looking into it and will reach the conclusion within the next six months, quoting Haroon Akhtar Khan, the report added.

The proposal to discontinue prize bonds of Rs 25,000 and Rs 40,000 along with the Rs5,000 currency note has come as these high-denomination instruments fuel corruption and tax evasion, said Dawn.

The Finance Minster of Pakistan Ishaq Dar has so far, denied the reports that government is considering any demonetisation.


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