Friday March 23, 2018
Home World Citing India ...

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

Indian Currency, Pixabay

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.

NewsGram brings to you current foreign news from all over the world.

“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.

NewsGram brings to you top news around the world today.

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.

Check out NewsGram for latest international news updates.

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)

Click here for reuse options!
Copyright 2016 NewsGram

Next Story

Acer launches new gaming desktop in India

Taiwanese hardware and electronics brand Acer on Wednesday launched its "Predator Orion 9000" gaming desktop in India

Acer releases new desktop in india. IANS

Taiwanese hardware and electronics brand Acer on Wednesday launched its “Predator Orion 9000” gaming desktop in India. Starting at Rs 319,999, the gaming desktop features powerful Intel Core i9 Extreme Edition processors with up to 18 cores and 36 threads and up to two NVIDIA GeForce GTX 1080Ti graphics cards, the company said in a statement. It is the first gaming desktop with Intel’s Core i9 Extreme Processor and Optane Memory to be available in India, the statement added.

It is a laptop made exclusively for gaming. Pixabay

“We are thrilled to welcome to our gaming arsenal the iconic ‘Predator Orion 9000’ gaming desktop,” said Chandrahas Panigrahi, CMO and Consumer Business Head, Acer India. The gaming desktop also features liquid cooling and Acer’s IceTunnel 2.0 to keep the temperature down while the game heats up.

Also Read: Microsoft acquires gaming start-up PlayFab

IceTunnel 2.0 is an advanced airflow management solution that separates the system into several thermal zones, each with an individual airflow tunnel to expel heat, the statement added.

“With the launch of this, we have moved a step closer to our commitment of delivering the best gaming products for gamers at every level,” Panigrahi said. The “Predator Orion 9000” is available at select Croma stores and Acer Exclusive stores. IANS