Pakistan can ban large note better than India, says senator
The upper house of Pakistan’s parliament this week recommended the withdrawal of the country’s highest denomination currency note to counter corruption and criminal activities, and help document the country’s large informal economy, The Wall Street Journal reports.
A resolution was passed by the Senate, echoes the reasons given for India’s swift action that caused a severe cash shortage.
Senator Osman Saifullah Khan proposed that Pakistan’s central bank should stop printing the 5,000 rupee note (worth almost $50) and then phase it out over three to five years.
He said if Pakistan did make a move to void currency, it would do it better than India. ■