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Rs. 5,000 note in Pakistan raises many eyebrows

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By NewsGram Staff Writer

Islamabad: Mainly used by players who are extremely rich, the Rs 5,000 note has raised many eyebrows.

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credits: State Bank of Pakistan

 

An editorial “High-denomination notes” in the Dawn on Saturday said that the Rs.5,000 currency note is “the unlikely culprit in a number of high-profile conversations in the country today, and for good reason”.

“The note, issued in 2006, plays a key role in large cash transactions mainly of a speculative or unscrupulous nature. Some quarters in the State Bank argue that the note is essential to simplify the cash management operations of banks that require large volumes of currency notes in their sprawling network of bank branches, and that cash management on this scale using smaller denominations is too cumbersome,” it said.

 Who really needs and uses the Rs. 5,000 note?

“It’s rarely seen in retail transactions. Much of the demand for the note, which circulates mostly outside the banking system once issued by a branch or ATM machine, comes from players who settle large transactions in cash on a daily basis. This should automatically raise questions about the nature of their work,” it added.

The daily said it is easy to make the case that the currency note ought to be discontinued. “Large payments should be made through the banking system, and retail customers rarely need such high-denomination currency.”

(With inputs from IANS)

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