Pakistan 5000 Rupee Note Ban| 5000 Currency Note Demonetized in Pakistan

Pakistan 5000 Rupee Note Ban

On Monday, Pakistan’s Senate passed a resolution, similar to that of India, to demonetize 5,000 Rs. notes. Pakistan 5000 Rupee Note Ban is the biggest news of the day. This big step is taken to eradicate the growing flow of black money. This big step is taken a week after India demonetized its 500 and 1,000 Rs. notes. Pakistani Senator Usman Saif Ullah Khan of Muslim league placed the resolution that marked “5,000 Currency Note Demonetized in Pakistan” and this was authorized by the renowned lawmakers in the upper house.

Pakistan 5000 Rupee Note Ban

According to the resolution, the withdrawal of Rs 5,000 notes will result in peruse the use of bank account and this in turn result in reducing the space of the undocumented economy. In order to erase those notes from the market, withdrawal should take place within a time period of three to five years. 5000 Currency Note Demonetized in Pakistan, let’s see what are the views of Zahid Hamid.

However, Law Minister Zahid Hamid contradicts this statement as according to him the withdrawal of 5,000 Rupee notes will definitely emerge crises in the market and in that case, in absence of 5,000 Rs. notes, people will route to foreign currencies. As per his report, In Pakistan’s economy, 3.4 trillion notes, at present, are in circulation and out of this, 1.02 trillion notes are of Rs. 5,000 denominations.

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.

5,000 Rs. Currency Note Demonetized in Pakistan, this step is surely taken after getting inspired from the India’s currency demonetization drive. The biggest question now arises, how much profitable will this resolution be for Pakistan’s economy?

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