In a crucial Senate development, a resolution has surfaced, championing the gradual removal of high-denomination Rs 5,000 currency notes. Led by PTI senators, this initiative seeks to tackle the pressing issues of corruption and inflation, which purportedly worsened by the circulation of these notes.
Senator Mohsin Aziz took center stage during the Senate session, passionately presenting the resolution in the Upper House of Parliament. Aziz articulated a compelling connection between the Rs 5,000 note and a spectrum of illicit activities.
Aziz revealed a staggering fact – Rs 5,000 currency notes totaling a colossal Rs 3.5 trillion have issued in past years. Surprisingly, he claimed that almost half of these notes are not in active circulation but stored in secure vaults and safe houses.
The Senator recommended that the government implement a finite window, urging citizens to voluntarily surrender the Rs 5,000 currency notes. This proposed measure envisioned as a decisive step towards curbing the alleged misuse of these high-value notes.
PTI Senator Waleed Iqbal aligned with Aziz, asserting that discontinuing Rs 5,000 notes. This initiative can boost digital payments, streamlining transactions and reducing physical currency circulation.
Not everyone in the Senate shared this viewpoint. Caretaker Information Minister Murtaza Solangi strongly opposed Senator Aziz’s claims. Solangi argued that a significant Rs 4.5 trillion worth of Rs 5,000 notes are actively circulating.