Pakistan Bans Rs 5000 and Rs. 1,000 Currency Notes to Fight Black Money

State Bank of Pakistan is thinking about to suspend the cash notes with division estimation of Rs. 5,000, said State Bank of Pakistan (SBP) Deputy Governor Saeed Ahmad while instructions a late meeting of Public Accounts Committee.

He said that specific quarters have drawn closer State Bank asking for to end Rs. 5,000 coin notes, after which the national bank is assessing the circumstance and may cease the said money notes.

Agent Governor was of the view that coins are favored universally because of life span and lesser odds of imitation, combined with solicitations from different quarters, it has constrained the bank to consider the eventual fate of Rs. 5,000 coin note.

Sheik Rasheed Ahmed, a PAC part, opined that there has been an expanding pattern of fake Rs. 5,000 cash notes, bringing about prominent misfortune to masses. In addition, these high category esteem notes are utilized as a part of unlawful exercises as hoodlums can convey extensive sum with no dread of discovery.

Representative Governor SBP clarified that while there may be challenges in conveying substantial sums for business exchanges, phony cases are disturbing and requested a dialog whether to proceed or cease the Rs. 5,000 section notes.

It is intriguing to note here that the cost of printing a coin — of any esteem — is Rs. 3 and it endures up to 40 years. While on different hands, the cost of printing a Rs. 100 category note is Rs. 3.6, yet it keeps going just from six months to two years.

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