Business

ISLAMABAD: Pakistani lawmakers have also suggested the government to Rs 5,000 and Rs 1,000 currency notes to reduce illicit money flows and encourage people to use banking services.
Pakistan Peoples Party Senator Osman Saifullah Khan had submitted a resolution in the Senate, seeking withdrawal of Rs 5,000 and Rs 1,000 currency notes to reduce illicit money flows and encourage people to use banking services.
“The house urges the government to take steps to withdraw from circulation as legal tender the high denomination Rs 5,000 and Rs 1,000 notes so as to reduce illicit money flows, encourage the use of bank accounts and reduce the size of undocumented economy,” reads the resolution.
Earlier, Indian Prime Minister Narendra Modi announced the demonetisation of Rs 1,000 and Rs 500 banknotes, making these notes invalid in a major assault on black money, fake currency and corruption.