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currency notes of 5000

Senator Osman Saifullah Khan from PPP has submitted a resolution in upper-house to withdraw circulation of Rs 1000 and Rs 5000 currency notes to launch a crackdown on corruption.

He was of the opinion that notes of the high denomination are always discouraged on the international level as they aid the vices such as money laundering, corruption and accumulation of black money in the economy.

For elaborating his stance, he gave an example of India where PM Narendra Modi called back currency notes of Rupee 500 and 1000 in an attempt to clean up the economy from black money.Even if Pakistan takes such decision then, It would have first to plan for handling the aftermath as India witnessed a state of emergency in banks where ATMs became out of cash and banks crowded with people who came to exchange their money.

Even if Pakistan takes such decision then, It would have first to plan for handling the aftermath as India witnessed a state of emergency in banks where ATMs became out of cash and banks crowded with people who came to exchange their money.

Also Read: This is how ban on currency notes has affected India

The sudden withdrawal of currency notes from economy also impacted the Indian economy for a short while as stock market slumped, but businesses say that they are happy with the illegal financial transaction will come to a halt with this action of government.

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