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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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Paytm Acquires Smart Savings Start Up Balance Tech

Designed to build saving habits for users, the Balance app offers saving options in mutual funds that could get users interest rates of up to 8.65 per cent per annum.

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"Our team has been building automated products that make the saving experience relatable and delightful by helping users reach their goals in clever little ways," Balance Tech CEO and Co-Founder Ankit Kumar said in a statement.

Digital payments major Paytm on Thursday announced the acquisition of Bengaluru-based smart-savings management start-up Balance Tech for an undisclosed amount.

Designed to build saving habits for users, the Balance app offers saving options in mutual funds that could get users interest rates of up to 8.65 per cent per annum.

“Our team has been building automated products that make the saving experience relatable and delightful by helping users reach their goals in clever little ways,” Balance Tech CEO and Co-Founder Ankit Kumar said in a statement.

 the Balance Tech team will be an invaluable part of this journey," said Madhur Deora, Chief Financial Officer and Senior Vice President at Paytm. Flickr
the Balance Tech team will be an invaluable part of this journey,” said Madhur Deora, Chief Financial Officer and Senior Vice President at Paytm. Flickr

“Our conversational personal savings assistant nudges users to build a saving habit, and give purpose to their money as they go about their busy lives.

“We look forward to bringing in computational intelligence, unique design and proprietary algorithms with Balance to help Paytm users accomplish more with their money,” Kumar added.

The six-member Balance Tech team has joined Paytm product and design team and is working on further enhancing Paytm’s user/merchant interfaces, the SoftBank and Alibaba-backed Paytm said.

Also Read: Paytm Refutes Reports of Sharing Indian Users’ Data With Third Parties

“They have created a fantastic product with real user engagement. As we constantly look to create customised and intuitive user experiences, the Balance Tech team will be an invaluable part of this journey,” said Madhur Deora, Chief Financial Officer and Senior Vice President at Paytm. (IANS)

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