News Pakistan All Set To Demonetise Rs 5000 Currency Note

Pakistan All Set To Demonetise Rs 5000 Currency Note

Taking lessons from India, Pakistan’s Senate passed a resolution on Monday seeking withdrawal of high denomination Rs 5000 currency notes from circulation to curb the flow of black money and regress money laundering.

pakistan 5000 rupee note
Image Source : MKHALID

- Advertisement -

Senator Usman Saif Ullah Khan of Pakistan Muslim League tabled the resolution that was endorsed by the majority of lawmakers in the Upper House. He argued that the 5000 Rupee note should be withdrawn from circulation seeing the increase in illegal transactions.

- Advertisement -

Though the move was strongly opposed by the PML-N (Pakistan Muslim League-Nawaz) government but since the PPP has a majority in the upper house of the parliament, the resolution was passed without any obstacle.

pakistan demonetising rs 5000 note

It said the withdrawal of the currency notes should take place within three to five years in order to purge markets of the notes.

Law Minister Zahid Hamid, however, said that the withdrawal of the notes will create crises in the market and the people will resort to foreign currencies in absence of Rs 5,000 notes. He said that currently 3.4 trillion notes are in circulation in country of which 1.02 trillion notes are of Rs 5,000 denominations.

pakistan set to demonetise 5000 rupee note

The demonetisation move was a frequently discussed thing in Pakistan after India pulled out it’s Rs 500 and Rs 1000 currency notes from circulation.

Now You Can Get the Latest Buzz On Your Phone! Download the PagalParrot Mobile App For Android

Trending now

Trailer Of Hacked Is Trending!! Vikram Bhatt’s New Stalker Thriller Starring Hina Khan Will Shake You From Within!

Vikram Bhatt's 'Hacked- There Is No Place To Hide' will release on 7th February, 2020. The film stars Hina Khan, Rohan Shah and Sid Makkar. As of now, the epic trailer of the thriller film is trending on the internet. Public is already shaken and is eagerly...

Florida Cold Weather Leads To Falling Iguana Alert

Falling Iguana Alert: The National Weather Services usually warns people falling rain, snow, and hail. But temperatures went so low in South Florida that this made the forecasters warn residents about falling iguanas on Tuesday. Falling iguanas due to cold weather in South...

Kylie Jenner Puts Her Curvy Figure On Instagram In Grey Bikini As She Relaxes In Miami

Kylie Jenner is currently relaxing in Miami on holiday with daughter Stormi. But, by taking a short break from her baby girl Kylie decided for an impromptu photo shoot. Also, Kylie was wearing a grey strapless bikini top and matching bottoms...

‘Striking balance between script’s requirement and commerciality was challenging’, says music composer Parag Chhabra

Music composer Parag Chhabra talks about creating title track for Jai Mummy Di

Trending This Week

Love Aaj Kal Trailer Released: Watch Sara And Kartik Beautiful Chemistry

The trailer of Bollywood actress Sara Ali Khan and Kartik Aaryan's most awaited film 'Love Aaj Kal' has been released. The first...

Kangana Ranaut Wants Nirbhaya Convicts To Be Hanged In Public, Also Slams Indira Jaising For Her Tweet

Kangana Ranaut is currently busy with the promotions of her movie "Panga" these days. She clearly raises her voice. Also, she never...

Trailer Of Hacked Is Trending!! Vikram Bhatt’s New Stalker Thriller Starring Hina Khan Will Shake You From Within!

Vikram Bhatt's 'Hacked- There Is No Place To Hide' will release on 7th February, 2020. The film stars Hina Khan, Rohan Shah...

America’s ‘Firefall’ Video Goes Viral, Hits More Than 3 Million Views in Two Days

This Viral Firefall video is made in Yosemite National Park, CaliforniaAccording to officials, this is a simple...

STRANGE! 32 Years Old Man Claimed Aishwarya Rai Bachchan As His Mother

Recently, a 32-Years Old Man Claims Aishwarya Rai Bachchan is his mother. The person said that Aishwarya had him through IVF in...

Hot Pics: These Bikini Pics Of Rakul Preet From Her Ibiza Trip Will Blow Your Mind Away

Sizzling beauty of Bollywood, Rakul Preet is surely a hardworking and attractive actress. Also, she remains in headlines because of good. Today...

Bigg Boss 13: Himanshi Khurana Holds Shehnaaz Gill responsible for her breakup

Himanshi Khurana Takes Shehnaaz Gill responsible for her breakup! Big Boss is currently at the top of the TRP...

VIRAL VIDEO BUSTED: Women Slaps Her Daughter Protesting Anti CAA

A video is recently going very viral in media. In this 16 second video, a woman suddenly slaps a girl in the...