Pakistan Senate passed a resolution seeking withdrawal of to withdraw Rs 5,000 currency notes in circulation all over the country to wipe out black money. A move inspired from India’s demonetisation launched on November 8th, 2016.
Senator Usman Saif Ullah Khan tabled the resolution in the Upper House of Pakistan. Majority of the lawmakers have given their consent for demonetisation. However, Withdrawal of Rs 5,000 notes will happen in a phased manner.
Pakistan Law Minister Zahid Hamid expressed concerns over the after effects of not ban. Stating that 1.02 trillion notes out of 3.4 trillion notes in circulation are that of Rs 5,000 denominations, He warned demonetisation might lead to crisis in the market and people may opt for foreign currency if note ban is implemented.