More

    Pakistan Senate seeks demonetisation of Rs 5,000 notes

    Must Read

    Restoration of several WR trains affected due to Kisan agitation

    Some trains which were cancelled/ short terminated/ short originated due to Kisan agitation in Punjab have...

    Covid 19 cases reached 17249 in Vadodara after 103 new cases on Monday

    Total 120 discharged from hospital taking the total to 15864 Covid 19 cases in...

    Fitness park built from scrap in electric loco shed Vadodara

    Under the Fit India Movement of Government of India, recently, a fitness park was built by the...

    The Pakistan Senate on Monday passed a resolution seeking withdrawal of high denomination Rs 5,000 currency notes in order to curb the flow of black money.

    Senator Usman Saif Ullah Khan of the Pakistan Muslim League tabled the resolution that was endorsed by the majority of law makers in the upper house of Parliament.

    The resolution said that the withdrawal of Rs 5,000 notes from circulation will encourage the use of bank accounts and reduce the size of the undocumented economy.

    Senate

    It said the withdrawal of the currency notes should take place within three to five years in order to purge markets of these 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 the absence of Rs 5,000 notes.

    He said that currently 3.4 trillion notes were in circulation in country, and of these 1.02 trillion notes were of Rs 5,000 denomination.

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Latest News

    Tata Sky Binge partners with CuriosityStream to Bring World-Class Factual Entertainment for its Subscribers

    CuriosityStream and Tata Sky announced a new partnership to bring thousands of hours of documentary films and...

    Covid 19 cases reached 17249 in Vadodara after 103 new cases on Monday

    Total 120 discharged from hospital taking the total to 15864 Covid 19 cases in Vadodara reached 17249 after 103...

    Fitness park built from scrap in electric loco shed Vadodara

    Under the Fit India Movement of Government of India, recently, a fitness park was built by the employees from scrap in the...

    Tata Sky Binge partners with CuriosityStream to Bring World-Class Factual Entertainment for its Subscribers

    CuriosityStream and Tata Sky announced a new partnership to bring thousands of hours of documentary films and series to Tata Sky subscribers...

    Reliance Retail’s ‘Vocal for Local’ Mission Expands to 30,000 Artisans and over 40,000 Artisanal Products

    Company’s 'Indie by AJIO' and 'Swadesh' initiatives offered over 40,000 artisanal products this Diwali across its retail formats In...

    More Articles Like This

    - Advertisement -