Government to discontinue Rs.5000 Note?
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A movement to abolish the 5,000-rupee note has been introduced in the Senate. Senator Mohsin Aziz presented the motion, demanding the immediate discontinuation of the 5,000-rupee note, citing its contribution to inflation.
Mohsin Aziz stated that the non-transparent economy in the country ranges from 35% to 40%, and approximately two trillion rupees of the three trillion in circulation are not in the form of 5,000-rupee notes. He urged the government to demonetize the 5,000-rupee note.
He argued that India has also eliminated larger denomination notes and is now progressing economically. Information Minister Murtaza Solangi, while expressing his views, mentioned that the 5,000-rupee note was introduced on May 27, 2006, and there are 4.5 trillion rupees of these notes in circulation.
Murtaza Solangi added that Mohsin Aziz did not address the State Bank during his government; therefore, it remains to be seen whether the next government or the current one takes action on this matter.
