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Citing India as Example, Pakistan Peoples Party (PPP) Senator Osman Saifullah Khan Suggests Demonetisation

Pakistan's economy has already started making a gradual shift to cash as protection against the government's taxation policies

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Islamabad, November 12, 2016: Taking a cue from demonetisation of higher currency notes in India, a Pakistani opposition party lawmaker has submitted a resolution in the Senate to withdraw 1,000 and 5,000 rupee notes from circulation in the country to tackle corruption.

The resolution submitted by Pakistan Peoples Party (PPP) Senator Osman Saifullah Khan comes at a time when Pakistan’s population is gradually shifting to cash economy due to the government’s ill-conceived taxation policies, said Express News.

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“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.

This is the only way that will compel people to use banking channels and launch a crackdown on black money circulating in the economy, said Khan, speaking at a meeting of the Senate Standing Committee on Finance on Thursday.

However, Committee Chairman Senator Saleem Mandviwalla underlined the need for taking the views of all stakeholders.

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The resolution was moved in the Senate a couple of days after Indian Prime Minister Modi announced the demonetisation of Rs 1,000 and Rs 500 bank notes, making them invalid in a major assault on black money, fake currency and corruption.

“At this point, we do not see a reason to withdraw the Rs 5,000 currency note,” Abid Qamar, spokesman for the State Bank of Pakistan, told Express News.

Pakistan’s economy has already started making a gradual shift to cash as protection against the government’s taxation policies, official statistics reveal.

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In fiscal year 2015-16, the growth in banking sector deposits was far lower than the previous year while the currency in circulation increased at a much rapid pace, revealed minutes of the last Monetary Policy Committee (MPC) meeting.

The General Pervez Musharraf-led government had introduced the Rs 5,000 denomination notes despite resistance from the State Bank of Pakistan. The notes made it easy for the people to keep cash instead of depositing money in banks. (IANS)

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Vivo opens online store in India

The Vivo innovative range will be available in 10,000 postal service areas (pin codes) across the country, the company said.

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Vivo to open E-stores in India to increase its market. Wikimedia Commons
Vivo to open E-stores in India to increase its market. Wikimedia Commons
  • Vivo is opening online stores in India in order to expand its market.
  • With new E-stores, the smartphones will be available to customers all over India.
  • The company is also thinking of launching an E-store app to make it convenient for people.

In a bid to expand its online presence, Chinese smartphone maker Vivo on Monday launched its E-store in India that will deliver products and services across the country.

“With the new E-store, Vivo’s innovative range of smartphones will be available to our customers across the country with special launch offers,” Kenny Zeng, Chief Marketing Officer, Vivo India, said in a statement.

Vivo will sell its phones through E-stores in India now.
Vivo will sell its phones through E-stores in India now.

The Vivo innovative range will be available in 10,000 postal service areas (pin codes) across the country, the company said.

The handset maker also announced its “Launch Carnival” under which, it is offering benefits on smartphones from January 16-18.

Buyers will get discount coupons worth up to Rs 2,000 on select smartphones, 12-month zero-cost EMI and one-time screen replacement in Vivo V7 and V7+ smartphones, the company said.

The company is also planning to launch its E-store application with features such as Augmented Reality (AR) support with the live chat option to help customers make purchase decisions. IANS