Senator proposes to discontinue Rs 5,000 currency note

ISLAMABAD: A proposal to discontinue the Rs 5,000 currency note has been presented in the Senate Standing Committee on Finance, ARY News reported.

According to details, Pakistan Tehreek-e-Insaf’s (PTI) Senator Mohsin Aziz during the meeting of the Senate Standing Committee on Finance presented the proposal discontinue the Rs 5,000 currency note.

The PTI Senator said that the Federal Board of Revenue is promoting the cash economy through this law.

Meanwhile, the standing committee approved an amendment to tax laws, proposing to restrict non-filers from operating current and savings accounts.

The unregistered individuals will only be allowed to operate ‘Asaan Account’ bank accounts.

Senator Mohsin Aziz said that the FBR is promoting cash economy through this law. Chairman FBR said that 90 percent of the population will not be affected by the new law.

Earlier, the State Bank of Pakistan (SBP) clarified that winners of the art competition for banknote designs announced on September 5 were not the short-listed designs for the new currency notes.

“The SBP initiated the process for designing of the new banknote series in January this year with the announcement of an Art Competition for thematic design ideas of the new banknote series. The actual designs of the proposed new series are being designed by reputed international firms selected through a competitive process,” the central bank said in a statement.

The aim of announcing the art competition results, however, was only to appreciate the efforts of the artists and encourage them with monetary prizes.

The actual currency notes designs of the proposed new series are being designed by reputed international firms selected through a competitive process. The firms will submit their design proposals by December 2024 and the finalised designs duly approved by the SBP Board will be submitted to Federal Government for approval by January 2025.