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ISLAMABAD: Several Members of Parliament (MPs) and government officials have recently expressed their opinions that the 5,000 rupee note should be abolished, citing concerns over corruption and other financial issues. This topic has been debated multiple times in the past, with various arguments for and against the move.
However, the State Bank of Pakistan has made it clear that there were no plans to phase out the 5,000 rupee note, as indicated a few months ago. Despite this, the issue resurfaced during today’s meeting, when Aziz, a member of the Senate Standing Committee, proposed banning the 5,000 rupee note.
He argued that such a measure is necessary to tackle tax evasion, as it would make it more difficult to conceal financial transactions, particularly in areas with numerous agents.
Aziz emphasized the importance of implementing practical measures to ensure that these efforts yield tangible results.
It’s important to note that the Governor of the State Bank had previously addressed this issue at an August committee meeting, reaffirming that there are no current plans to phase out the 5,000 rupee note. He also mentioned that similar proposals had been considered before but were ultimately rejected.
