In a significant move, Pakistan Tehreek-e-Insaf (PTI) Senator Mohsin Aziz has proposed the discontinuation of the Rs 5,000 currency note as a strategic measure to tackle corruption and address inflation in the country. The resolution was presented in the Upper House of Parliament on Monday, where Senator Aziz argued that the highest denomination note fosters corruption, supports terrorism, and facilitates smuggling.
During the debate, Senator Aziz emphasized that the Rs5,000 note serves as a catalyst for corruption and inflation, playing a role in illicit activities linked to terrorism and corruption. He disclosed that Rs5,000 currency notes totaling Rs3.5 trillion have been issued to date, with a significant portion, Rs2 trillion worth, currently not in circulation and stored in what he referred to as “safe deposit.”
Senator Aziz asserted that this substantial amount of Rs2 trillion represents the proceeds of money laundering, tax evasion, and smuggling, and he emphasized that these notes have now been blocked. To address the issue, he proposed a limited time period during which individuals should surrender the highest denomination notes.
Supporting the call to ban the Rs5,000 currency note, another PTI Senator, Waleed Iqbal, advocated for the promotion of digital payments as a means to reduce reliance on physical currency and enhance transparency.
Responding to the senators’ claims, caretaker Information Minister Murtaza Solangi clarified that Rs5,000 currency notes worth 905 million have been issued so far, with Rs4.5 trillion currently in circulation.
The proposal to ban the Rs5,000 banknote in Pakistan has sparked a crucial debate on addressing corruption and inflation, with proponents advocating for the measure as a step towards promoting transparency and curbing illegal financial activities. As the discussions unfold, the potential impact on the country’s economic landscape and the transition towards digital payments remains a focal point of attention.
 Senator Mohsin Aziz has proposed the discontinuation of the Rs 5,000 currency note as a strategic measure to tackle corruption and address inflation in the country. The resolution was presented in the Upper House of Parliament on Monday, where Senator Aziz argued that the highest denomination note fosters corruption, supports terrorism, and facilitates smuggling.){kind=link}