Pakistan Tehreek-e-Insaf (PTI) Senator Mohsin Aziz has proposed the discontinuation of the Rs5,000 currency note as a strategic move to combat corruption and address inflation. Presenting the resolution in the Upper House of Parliament, Senator Aziz advocated for banning the highest denomination, attributing its existence to the promotion of corruption, support for terrorism, and facilitation of smuggling.
In the course of the debate, Senator Aziz argued that the Rs5,000 note acts as a catalyst for corruption and inflation, playing a role in illicit activities related to terrorism and corruption in the country. He highlighted that Rs5,000 currency notes totaling Rs3.5 trillion have been issued to date, with a significant amount of Rs2 trillion worth of these notes currently not in circulation, stored in what he referred to as “safe deposit.”
Senator Aziz emphasized that these blocked notes, amounting to Rs2 trillion, represent the proceeds of money laundering, tax evasion, and smuggling. He proposed a limited time period during which individuals should surrender the highest denomination to curtail its negative impact.
Supporting the call for banning the Rs5,000 currency note, PTI Senator Waleed Iqbal stressed the need to promote digital payments as a means to reduce reliance on physical currency.
In response to the senators’ assertions, caretaker Information Minister Murtaza Solangi provided data indicating that Rs5,000 currency notes worth 905 million have been issued so far, with Rs4.5 trillion currently in circulation. The proposal to discontinue the highest denomination reflects a broader effort to address issues of corruption and illicit financial activities in the country.