ISLAMABAD (Daily Point) – PTI Senator Mohsin Aziz has proposed ban on the Rs5,000 currency note, citing its alleged contribution to corruption, terrorism, and inflation.
According to the private TV channel, Aziz presented a resolution in the Upper House of Parliament, claiming that the high-denomination note, amounting to Rs3.5 trillion, is not in circulation and stored in “safe deposit,” resulting from money laundering, tax evasion, and smuggling.
He also mentioned that a limited time period should be given for the surrender of the Rs5,000 note. Another PTI Senator, Waleed Iqbal, echoed the call for a ban, advocating for the promotion of digital payments to reduce currency circulation.
In response, caretaker Information Minister Murtaza Solangi contested Aziz’s claims, stating that Rs5,000 notes worth 905 million have been issued, with Rs4.5 trillion currently in circulation. Solangi argued that the State Bank of Pakistan (SBP) operates within its legal framework and criticized the previous government for granting excessive autonomy to the central bank.
Former FBR chief Shabbar Zaidi had previously emphasized the discontinuation of the Rs5,000 note as essential to curbing the cash economy, asserting that it facilitates corruption due to its high circulation. Zaidi suggested restrictions on the physical movement of dollars as an additional measure.
Earlier in the year, the Ministry of Information and Broadcasting refuted rumors of a purported ban on Rs5,000 notes, clarifying that a fake circular circulating on social media was not authentic.
