Senate resolution recommends withdrawal of Rs5,000 notes

-File Photo

The Senate on Monday adopted resolution, recommending the government to take necessary steps to withdraw 5000 rupees notes from circulation in order to reduce illicit money flow, encourage the use of bank accounts and reduce the size of undocumented economy, RadioPakistan reported.

However, Law Minister Zahid Hamid said that the withdrawal of 5000 rupees’ currency note will hamper business activities in the country and urged the mover to not stress on the resolution.

Through a resolution the Senate recommended the government to make necessary amendments in the Constitution of the Islamic Republic of Pakistan, 1973 to empower the Senate of Pakistan to pass the Money Bill, including the Finance Bill.