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.
