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Budget 2024-25: Govt asked to discontinue Rs5,000 banknote in Pakistan

06:15 PM | 22 May, 2024
Budget 2024-25: Govt asked to discontinue Rs5,000 banknote in Pakistan
Source: File Photo

LAHORE – The Overseas Investors Chamber of Commerce and Industry has asked the government to discontinue the Rs5,000 currency note in Pakistan to discourage cash payments. 

The chamber has proposed it in its recommendations to the government for the upcoming budget for fiscal year 2024-25.

It has also called for declaring the National Tax Number (NTN) mandatory for opening of bank accounts, sale and purchase of vehicles and properties. 

It added that NTN should also be declared mandatory for foreign trips and membership of clubs. The overseas chamber has also proposed imposition of withholding tax on travel expense, adding that income tax should be imposed on air tickets.  

The government will take a decision about discontinuation of the Rs5,000 banknote after reviewing all aspects. 

The federal government is likely to present a budget of Rs17 trillion on June 7.

There is a possibility that the federal budget for the fiscal year 2024-25, totaling more than 17 trillion rupees, will be presented in Parliament on June 7th. Approval will be sought in a special meeting of the federal cabinet scheduled before presenting the budget in Parliament.

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Pakistani Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 19 June 2024

Pakistani rupee rates against US Dollar and other currencies on June 19, 2024 (Wednesday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 277.50 for buying and 280.65 for selling.

Euro's buying rate stands at 296 and selling rate is 299 while British Pound rate is 349.7 for buying, and 353.25 for selling.

UAE Dirham AED was at 74.80 and Saudi Riyal at 72.80.

Forex Rates 

Currency Symbol Buying Selling
US Dollar USD 277.50 280.65
Euro EUR 296.00 299.00
UK Pound Sterling GBP 349.70 353.25
U.A.E Dirham AED 74.80 75.60
Saudi Riyal SAR 72.80 73.55
Australian Dollar AUD 182.00 184.00
Bahrain Dinar BHD 741.18 749.18
Canadian Dollar CAD 204.00 206.00
China Yuan CNY 38.43 38.83
Danish Krone DKK 40.18 40.58
Hong Kong Dollar HKD 35.66 36.01
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.90 1.98
Kuwaiti Dinar KWD 909.34 909.34
Malaysian Ringgit MYR 59.30 59.90
New Zealand Dollar NZD 170.79 172.79
Norwegians Krone NOK 25.97 26.27
Omani Riyal OMR 723.88 731.88
Qatari Riyal QAR 76.42 77.12
Singapore Dollar SGD 203.65 205.65
Swedish Korona SEK 26.40 26.70
Swiss Franc CHF 311.90 314.40
Thai Bhat THB 7.58 7.73

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