Demonetization in Pakistan: Senate Passes Resolution to Withdraw Rs. 5000 Note (Download PDF)

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Islamabad, Pakistan’s Senate passed a resolution seeking withdrawal of high denomination Rs. 5,000 currency notes. Denomination notes from circulation to halt illicit money flows and money laundering. Most illegal transactions in the country were carried out using the Rs. 5,000 note.

Resolution to Demonetize 5,000 Rupee Notes by Pakistan

Resolution to Demonetize 5,000 Rupee Notes by Pakistan

Resolution to Demonetize 5,000 Rupee Notes by Pakistan

About Pakistan Resolution

  • Pakistan ranks 117th out of 175 on a list of the most corrupt countries in the world.
  • It is obvious that black money is rampant, so is the use of the Rs. 5000 note for illegal transactions.
  • The ban on Rs. 5000 notes would create a major crisis in the market and the people, in turn, would resort to using of foreign currencies in the absence of high denomination notes.
  • There were 3.4 trillion notes in circulation at the moment in Pakistan, out of which 1.02 trillion notes were of Rs. 5000 currency notes.
  • Pakistan is the 3rd country which had arguably followed India’s footsteps.
  • It will encourage the use of bank accounts and reduce the size of the undocumented economy.
  • It is to stop the flow of illicit money in the country and to halt money laundering.
Denomination notes in Pakistan

Denomination Notes in Pakistan

Denomination notes in Pakistan

- Published/Last Modified on: December 20, 2016

International Relations/Organizations

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