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Senate passes resolution asking govt to demonetize Rs5000 banknote

ISLAMABAD: Senate on Monday passed resolution demanding the government to demonetize the Rs5,000 demonization’s currency note to fight corruption.

Pakistan People’s Party (PPP) Senator Umsan Saifullah presented the resolution in the house demanding of the government to withdraw the Rs5,00 banknote from circulation.

He added that the measure will help control corruption in the country. However, the government opposed the resolution.

Law Minister Zahid Hamid said that withdrawing of the banknote will create monetary crisis in the country. He opposed the resolution.

However, the Upper House adopted the resolution with majority vote.