ISLAMABAD – The Minister for Finance Senator Mohammad Ishaq Dar has dispelled the rumors about the demonetization of Rs. 5000 currency notes and withdrawal of Rs.40,000 prize bonds.

In a statement issued by the Ministry of Finance, the minister said that these rumors are totally baseless and are spread by the vested interest for ulterior motives.

He further said that even no such proposal is under consideration of the government.

Earlier on Friday, 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.

Indian Prime Minister Narendra Modi announced the demonetization of Rs 1,000 and Rs 500 banknotes, making these notes invalid in a major assault on black money, fake currency and corruption.