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Pakistan Peoples Party (PPP) Senator Osman Saifullah Khan on Thursday submitted a resolution in the Senate to withdraw Rs1,000 and Rs5,000 rupee notes from circulation.
Addressing the upper house, the Senator, addressing a standing committee on finance said that high denomination notes raise the possibility of money laundering and corruption in the country.
Referring to India as an example, he added that the world over such notes were being discouraged.
Indian Prime Minister Narendra Modi ordered the withdrawal of 500 and 1,000 Indian rupee notes from circulation on Tuesday in a dramatic blitz on tax evasion. After Modi's shock announcement, ATMs in India ran dry and stocks tumbled Wednesday.
Read more: Six questions on India's rupee shake-up
In India, banks and cash machines were ordered to close on Wednesday in preparation for the turnaround, triggering a late night rush by customers to withdraw smaller notes from ATMs.
Customers were told they were able to exchange their old bills for new notes or deposit them into their accounts but face the prospect of major scrutiny by tax authorities if they could not account for a sudden swell in their balance.
While the move was praised by business leaders and commentators, Indian stocks plunged 6 per cent in early trade ─ a fall also partially attributed to uncertainty sparked by Donald Trump's surprise strong showing in the US election.
Commentators warned the markets would react negatively to Modi's shock move.
Senator Osman Saifullah Khan said that the issue of withdrawal of currency notes should be taken up with the Ministry of Finance and the Central Bank.
Read more
On DawnNews
Comments (151) Closed
Nov 11, 2016 11:29am
Not a bad idea.
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Nov 11, 2016 11:32am
this shows the incompetence of our Upper House Law Makers.
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Nov 11, 2016 11:37am
How can Pakistan fight with corruption by making the announcement publicly.
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Nov 11, 2016 11:36am
Pakistan to eliminate their high value Notes, with open discussion within the public. What an Idea for a joke !!!
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Nov 11, 2016 11:43am
Really ironic to see a PPP Senator talking about corruption. Rather than pressing the government to make the related institutions strong and independent which will get rid of money laundering and all the issues, you get knee jerk reactions. No wonder the state of the country says everything.
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Nov 11, 2016 11:44am
Come on people please please. End the corruption. Don't play the childish games. Justice, Taxes, Services, Law and Order are all in vain and we are hitting the peaceful targets.
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Nov 11, 2016 11:47am
Politicians do not have anything to else to do, I mean they don't know anything about how to run the economy or the country.
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Nov 11, 2016 11:51am
It will never happen as long as NAWAZ/ASIF clique is present.
A good idea to check the corrupt.
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Nov 11, 2016 11:52am
With the population exceeding 180 million not a single person is able to think out of the box. Just always trying to copy the ideas of others.
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Nov 11, 2016 11:53am
Demonetizing currency bills mainly hurts common people. At the most some petty businessmen hiding money to evade taxes can be affected but it is ineffective against big criminals who swindle millions and billions. It surely affects the credibility of the currency.
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Nov 11, 2016 11:56am
Pakistan suffers from endemic corruption at the very TOP.
That needs to be addressed. That is what Imran Khan is doing.
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Nov 11, 2016 12:00pm
After Modi's action, by now most of pakistani corrupts must have changed their wealth in PKRs to FCY or bought gold etc. should our politicians follow the suit, they would first secure themselves.
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Nov 11, 2016 12:00pm
If Pakistan is announcing the withdrawal by giving advance notices, then there is likely hood of all those black money getting cleansed before the deadline of announcement of withdrawal.
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Nov 11, 2016 12:05pm
This type of plan should be carried out by utmost secrecy like India did.
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Nov 11, 2016 12:06pm
In India everything happened behind closed doors with very limited top officials then the currency demonization announcement made at the time when all banks and business closed and black money holders had no time to think.
But Pakistan lawmakers are discussing these kind of important matters in open assembly. This shows the incompetence and how sincere they are. Really pathetic.
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Nov 11, 2016 12:07pm
Great idea... lets make 5 rupees coin a standard and only method of payment...
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Nov 11, 2016 12:11pm
This should come as surprise to ill-gotten money hoarders...like Mr. Modi did
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Nov 11, 2016 12:18pm
Sheer change of notes will never eliminate corruption. It is also important how one implements its and the will power. Is there any lawmaker who understand these things?
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Nov 11, 2016 12:20pm
Earlier Pakistan used to follow US for mend its system now India has become a country of success to be followed.
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Nov 11, 2016 12:23pm
These stupid measures will not stop corruption..
What is stopping someone from stashing ill gotten money in form of US dollars or Gold nuggets?
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Nov 11, 2016 12:27pm
After India's decision it has become a must for Pakistan.
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Nov 11, 2016 12:33pm
A year ago first time this idea was come by Malik Riaz of Bharia Town. Lets see what happens ....
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Nov 11, 2016 12:34pm
We know level of intellect of our politicians. We can expect such ridiculous statement from such politicians. Do not change corrupt system just change currency notes!!!
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Nov 11, 2016 12:36pm
follow the good practices
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Nov 11, 2016 12:57pm
Best idea that will save the country from mass corruption.
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Nov 11, 2016 12:58pm
Very true ....
But tough decision for political government!!!
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Nov 11, 2016 01:07pm
One thing I don't understand withdrawing Rs 1000 and issuing Rs 2000. Their is something fishy about this sudden move By Modi Government. It looks like punish some and reward some.
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Nov 11, 2016 01:10pm
Stop following India's move - please use some actual economist's advice as opposed to attempting to make headlines yourself. Currency note values are issued due to the nominal and real values of your currency; the main issue is the economic state of the country: focus on that.
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Nov 11, 2016 01:10pm
That may also because someone from PPP ran away with all the big notes!
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Nov 11, 2016 01:20pm
Before Modi speech most of the Modi supporter must have been informed in advance and most likely congress supporters will be caught off guard and will suffer the most, and by doing this BJP will kill two birds with one stones. First get a public support for anti corruption, and second that all the congress supporters are corrupt, a good move by Modi.
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Nov 11, 2016 01:28pm
Similarly prize bonds of Rs 40000/- and other higher denominations should also be withdrawn. One bundle of Rs 40000/- means 4 million rupees, how convenient to carry cash
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Nov 11, 2016 01:34pm
Following Indian leads...can you come up with some thing on your own...be the leader don't take the lead...the only way corruption can be eliminated is getting rids of the hypocrite..
We are all hypocrites. We cannot see ourselves or judge ourselves the way we see and judge others.
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Nov 11, 2016 01:37pm
"sau chuhe khake billi haj ko chali"
But it is a good start if PPP is serious about fighting the corruption and money laundering.
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Nov 11, 2016 01:43pm
Should Pakistan blindly follow what India does....Does it serve the purpose in Pakistan, when you talk openly about it.
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Nov 11, 2016 01:46pm
@sam Past experience tells that around 30 % of these notes will not come for replacement. As of March 2016 total currency in circulation in the form of 1000 & 500 notes was Rs 14180 billion. 30% of this being ' black money' will be out of the system.
The state can , after closure of the window for replacement, use this 30 % amount, as if received, on infrastructure or rural development etc.
As regards 2000 and new 500 notes, the latest demobilisation will be followed up with other punitive measures and laws to ensure that again black money is not generated .
Number of measures have been already taken to increase cashless transaction and effect direct credit of government benefits to the accounts of the beneficiary.
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Nov 11, 2016 01:55pm
Correct. It will help root out the small corruption which keeps black money as currency and leave untouched the major corrupt players which deals in billions through money laundering. Bravo. The pot calling the kettle back.
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Nov 11, 2016 01:57pm
PPP what have you suggested! I mean are you serious?
Your ministers as well as your appointed bureaucrats will die of starvation!
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Nov 11, 2016 02:07pm
This is a very good step towards a "cashless economy". Corruption is only a pretext to introduce such changes. In fact it could prove to be a key step towards encouraging the use of "plastic money" hence increasing money traceability. Tax evasion and corruption would indeed become very difficult in a cashless economy.
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Nov 11, 2016 02:10pm
By the way which govt introduced Rs. 5000/- note in Pakistan ????
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Nov 11, 2016 02:21pm
@sam I really hate conspiracy theories, either speak with proof or please stay away from these kind of comments.
This is what I think " Modi's decision will make sure that
1. People who stashed black money will either have to pay 200% tax or lose that money.
2. Most of Indians keep hard cash but now that will come into banking system.
3. All counterfeit notes will be out of market
4. In future, no-one will keep hard cash for which they have not paid tax as same type of action can be taken in again.
"
I would like same kind of action taken in PAK but not as a pre announcement type.
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Nov 11, 2016 02:52pm
the surprise element is gone..
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Nov 11, 2016 02:53pm
@Kashif Ali President Musharaf regime
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Nov 11, 2016 02:56pm
It would be a very fruitful initiative if implemented in Pakistan.
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Nov 11, 2016 03:03pm
Excellent idea, Pakistan did similar when East Pakistan separated & sacks of money came out many of it went into bonfire. More important would be to declare all those who have stashed moneys abroad as enemies of the state unless they bring back the money & incomes from foreign investments taxed & brought into the country
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Nov 11, 2016 03:06pm
First our Politicians should be given time to change their savings to dollars. They worked hard to earn it.
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Nov 11, 2016 03:07pm
it shows Modi is giving way to stop corruption ,take advantage of that, but Pakistan Should not announce it publicly otherwise no impact will happen
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Nov 11, 2016 03:11pm
@sam you can not exchange more than 4000 per person , you need to deposit it into bank account where you can not hide money and need to pay tax with penalty
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Nov 11, 2016 03:25pm
India's move was a 'surprise' to their public, unlike our call does not have that surprise element and those who use the 'black' economy will have already moved black cash into gold or other currencies!
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Nov 11, 2016 03:28pm
This decision was not a sudden one, planning was done long back but unknown to everyone except for a handful of people. Poors were included in financial mainstream banking and bank accounts were opened in banks. New notes were already minted and distributed, and finally, a sudden announcement to render 500 and 1000 notes illegal. Good job Modi! But if Pakistan were to implement the same rule, it would be inconvenient to many common people as it doesn't have necessary groundwork completed.
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Nov 11, 2016 03:30pm
Its a surprise move. Doesn't work if people are aware of it.
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Nov 11, 2016 03:36pm
You have to do it swiftly,without commenting publicly.
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Nov 11, 2016 03:37pm
Must implement asap. An important step against corruption.
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Nov 11, 2016 03:46pm
@University Road - The accursed AVENUE of Karachi: Stop propaganda. Fact is that, if PPP is Queen of corruption, PMLN is Ace. On the other hand, unlike PMLN, PPP do not institutionalize corruption and obviously less guilty of nepotism.
For instance, if you would look at Pakistani cabinet and people heading top government controlled institutions, you would find big contrast between PPP and PMLN, showing extent of nepotism and corruption in these parties. While PPP would have people from all provinces and ethnicity, PMLN government would make sure that huge majority of them are of same ethnicity and from north Punjab.
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Nov 11, 2016 03:48pm
Rs 500 notes may also be removed and higher notes may be replaced frequently.
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Nov 11, 2016 03:48pm
@ADITYA: No need for ground work. Rs 5000 and Rs 1000 notes should not be only withdrawn replaced by new notes, but they should be withdrawn completely, without 'ifs' and 'buts'.
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Nov 11, 2016 03:51pm
Surprise element is gone...now as they are discussing in parliament.
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Nov 11, 2016 03:53pm
that would a good move,
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Nov 11, 2016 03:53pm
@J. Gamble of course not a bad idea only after the idea came from India. Why, the ppp govt not do this during their term of office, only because they came to loot and plunder.
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Nov 11, 2016 04:01pm
Not a bad Idea, currency value could be raise ....
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Nov 11, 2016 04:05pm
Why not hold people accountable and provide them a living wage?? how incompetent are these people. Is this the best they can come up with?
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Nov 11, 2016 04:11pm
would have loved if they come up with their own idea.
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Nov 11, 2016 04:12pm
@UC Good one Sir
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Nov 11, 2016 04:18pm
Most of black money stashed in Panama, such decision will not have any impact
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Nov 11, 2016 04:24pm
Excellent idea.
Another idea might also be that political parties don't accept (or elect, if the political party has internal democratic process) as their leaders any person who is know to be corrupt.
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Nov 11, 2016 04:24pm
dollar is easy available in Pakistan corruption will simply move to foreign currency and put more pressure of rupee
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Nov 11, 2016 04:28pm
How naive. Wonder where they got this idea!
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Nov 11, 2016 04:29pm
The corrupt in Pakistan will take a cue from India, and will soon start replacing higher denomination currency notes in their black money caches, therefore, the impact of a similar demonetization move will be far less effective compared to India's. Ha!
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Nov 11, 2016 04:35pm
Nice, declare it well before time so that every black sheep can wash away all his bad money before any official announcement is made.
Good going senator.
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Nov 11, 2016 04:35pm
Nice, declare it well before time so that every black sheep can wash away all his bad money before any official announcement is made.
Good going senator.
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Nov 11, 2016 04:35pm
He looks inspired with Indian govt's decision of taking back the bills of such denominations.
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Nov 11, 2016 04:37pm
The difference here is the demand is being made by opposition party which itself did nothing in its tenure.Also current government is unlikely to accept this .The element of secrecy is gone so it will have no effect in Pakistan.
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Nov 11, 2016 04:39pm
doesn't work if you give enough time to the people. it should be sudden and months long preparation is needed to exchange the old currency. if you give chance then all black money will be converted to 100s denomination.
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Nov 11, 2016 04:39pm
Catch the one who are doing corruption stop bothering common citizens. Pathetic politicians.
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Nov 11, 2016 04:42pm
Corrupt Indian politicians, especially party leaders criticizing Mr. Modi and pleading also to withdraw the ban for few weeks. Because the calculated sudden ban on 1000 and 500 currency notes puts this politicians and company in a pathetic state. They didnot get time to do any adjustments. Mr. Modi got the advantage after several years, in India, it is a single party government. Otherwise, the small parties of ruling coalition always restricted government from any move, which affect them. The courage and clean image of Mr. Mode helped to take this decision.
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Nov 11, 2016 04:43pm
@sam There is no punish or reward. It is difficult to copy the new 2000 notes, moreover, after the sophisticated new 1000 and 500 notes comes in circulation, decision may take on the future of this 2000 notes.
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Nov 11, 2016 04:53pm
Osman Saifullah Khan - where did I heard this name before? Oh right - when I was reading the Panama Leaks documents
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Nov 11, 2016 05:00pm
Instead of copy cat.Plz keep your PPP house in order.Call your colleagues from abroad ,and ask them to surrender corruption money.
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Nov 11, 2016 05:02pm
@sam IR 1,000 NEW notes will be issued soon. I suspect the reason is to supply notes of higher value than IR 500 quickly. Less number of IR 2,000 needed in the emergency situation.
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Nov 11, 2016 05:20pm
This will only work with an element of surprise. Announcing it beforehand allows the money hoarders to exchange cash for goods such as gold before the scheme is implemented.
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Nov 11, 2016 05:24pm
@Atam Vetta
1) people will not store 2k note in fear (so less black money)
2) Difficult to distribute in election
3) Will not be used in corruption so hamper small level corruption
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Nov 11, 2016 05:25pm
First of all......if you plannin to stop th 1000 an 5000 notes then you sud not declare.....same thing in india did.......India dint delclared
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Nov 11, 2016 05:25pm
This is good idea _ Rs 5,000 currency notes are being used for corruption, money laundering. The 5,000 denomination currency notes are not available in Karachi neither in branches nor in ATMs while in cities ATMs are churning out 5000 notes. The govt would cancel 5000 rupees currency notes only if it wants to eliminate corruption and money laundering _ otherwise, things will go on as per routine
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Nov 11, 2016 05:29pm
@UC -- please do not say this-- as many are watching !!
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Nov 11, 2016 05:36pm
Looks to me like more of a tit for tat move
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Nov 11, 2016 05:42pm
@UC : You are exactly right. Why the Indian example will likely lead to positive results is because the decision was sudden, giving no chance to corrupt elements in society to find a way out.
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Nov 11, 2016 05:55pm
@indian engineer
Few months prior to the election the cash in circulation swells up alarmingly which one can check with the data released by the Central Bank. It is the peak level .
It is the most opportune time especially if after good monsoon. Political parties will curse you but people will be in your favour.
Elections to 5 states are lined up in India during next 3 months.
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Nov 11, 2016 05:58pm
This will stop corruption,kidnapping for ransom,terrorism,inflation and rising housing and property prices.
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Nov 11, 2016 06:01pm
@UC right on target
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Nov 11, 2016 06:02pm
Larger notes are being replaced ever 5 years ...what is PPP senator doing??
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Nov 11, 2016 06:17pm
This saifullah family have several accounts in Panama banks.
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Nov 11, 2016 06:33pm
This is not a measure to be announced publicly this way and foreclose this as an option by doing so !!! The nation badly requires this even if it amounts to inconvenience in the interest of poor and common people.
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Nov 11, 2016 06:46pm
PPP leadership is itself full of corruption. This pol party has lost its vote bank. Pakistan wants clean and honest politischens like Imran Khan who has pledged to eradicate corrupt ion from higher echlons. We have absolute faith in his honesty.
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Nov 11, 2016 07:04pm
Pakistani nation would be more than happy if PPP can return the looted national wealth of the past two decades first. Thanks
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Nov 11, 2016 07:15pm
Why having 5000 denomination rupees note even India does not have such high value currency. May be for politician and rich people as poor can't afford it.
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Nov 11, 2016 07:29pm
There needs a meticulous planning and secrecy in such matters. Just copying someone else's action will not suffice. In India black money holders are choking and still in shock. There are even interesting stories of people hidden money from their family members, that are surfacing now! One thing is for sure, on money matters , India not the same again after 10 November 2016!
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Nov 11, 2016 07:40pm
PPP senator talking against corruption????????????
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Nov 11, 2016 07:44pm
Please do NOT get into discussions... IMPLEMENT!!
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Nov 11, 2016 07:47pm
It's too late. after india's move to ban 500 and 1000rs note. Many countries especially Russia converting their rubles to USD and pound.
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Nov 11, 2016 07:49pm
Yes it might be a good decision it can be helpful to reduce the percentage of corruption, Mostly our business are not paying taxes, every one is thief of state from prim minster to Patwari
By implementation this law every have to use banking chanel to complete their transaction.
The Government should think about it
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Nov 11, 2016 07:54pm
Along with withdraw Rs1,000 and Rs5,000 rupee notes from circulation, Prize Bonds Rs. 7500. 15000, 25000 and 40000 also should have been banned from circulation.
After debacle and halt in property business due to high Tax from July 2016, Big mafia of property builders now they invested their black money Billions of Pak Rupees in Prize Bond of Rs. Rs. 40000, 25000, 15000 and 7500.
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Nov 11, 2016 07:57pm
Man.. He is giving advance notice to all black money hoarders. Can anyone be more naive. In India, the move succeeded just because it was sudden and no one anticipated it. Our senator is actually helping the black money hoarders by making such announcements
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Nov 11, 2016 08:08pm
Yes, one fine morning I would like to hear this announcement about withdrawal of high value currency notes...this is help reduce corruption and black marketing...
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Nov 11, 2016 08:34pm
America eliminated 500 and 1,000 dollar denominations decades ago. The business of crime is done in cash.
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Nov 11, 2016 08:50pm
Do Pakistani politicians have any " original " ideas ?
Guess one needs brains to think smart !
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Nov 11, 2016 08:58pm
Billions of rupees prize bonds purchased after July 2016. Particularly in Prize Bonds amounting of Rs. 40000, 25000, 15000. and 7500. There are no check and balance in purchasing & selling of Prize Bonds of high denominations.
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Nov 11, 2016 09:09pm
Why is PPP bringing up all these issues related to corruption now, where were they when they were running the government for years? Corruption was in full force when PPP in power.
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Nov 11, 2016 09:14pm
it shows the mental caliber of PPP led by bilawal bhutto .
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Nov 11, 2016 09:21pm
Just withdraw them from the stash held by your party leaders. I think that will solve half the problem.
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Nov 11, 2016 09:28pm
Good suggestion and it will also discourage undocumented transactions from economy.
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Nov 11, 2016 10:05pm
Those who can keep 70 crore at home can keep any number of money even in rupees . The secretary Finance Baluchistan had the protection of FC and Levies at his residence !
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Nov 11, 2016 11:13pm
Sounds like PPP and MQM corrupt and greedy politicians have already cashed in their big notes and deposited it in foreign banks.
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Nov 11, 2016 11:21pm
Is that the only way to curb corruption? Where are the NAB, Anti corruption, customs ....? A fail institutions and the most corrupt politicians.
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Nov 11, 2016 11:32pm
Good Joke though. We had n online system long ago to transfer cash to our maternal peternal grandpas accounts ;)
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Nov 12, 2016 01:47am
Monkey see, monkey do. Even if its n/a to the monkey. It'll be a waste of time and resources. Pakistan has high inflation and a weaker currency. Indians can do that to their notes because Rajan kept inflation low. Unless Pakistanis are getting help from him and their currency's value has increased, or inflation is low, its a stupid idea. In fact, we don't even know who our central banker is who deals with our money supply, sets our interest rates, etc. It's his responsibility to tell us our monetary policy. He works independent of the govt. Dar is only supposed to tell us our fiscal policy. And this senator is supposed to be passing legislation to fight corruption and money laundering, which he hasn't done. What a joke of a place. Everyone thinks everything is their domain. Haphazard, one-off acts do not define policies. Rajan fought inflation for a few years, which made their currency stable to do this. On the contrary, Pakistan has high inflation and no coherent monetary policy.
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Nov 12, 2016 01:54am
Pakistani monetary policy is not defined by an economist like Carney, Yellen or Rajan or those at the PBOC but rather by schoolyard 'dares' like "I dare you to bring the USD down to 100 rupees", and the guy goes ahead to buy up more USD to show the other guy up that "look, I did it. In your face". Everywhere else in the world, central bankers operate independently of the government and set out clear monetary policies in regards to inflation, interest rates, money supply, etc. However, in Pakistan, the central banker's role is either assumed by the finance minister who is only supposed to tell us our budget and fiscal policy or even the prime minister himself, such as Shaukat Aziz who gave us KIBOR. The central banker, and the central bank is an independent institution with an independent custodian in the form of a central banker, who independently defines all of those policies, keeps inflation low and then, in due course, helps rid the country of higher notes. Ex: Turks got a New Lira.
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Nov 12, 2016 02:02am
This will continue to happen until the SBP isn't independent like everywheren in the world like the Federal Reserve (Yellen), PBOC, Bank of England (Carney), Reserve Bank of India (Rajan before Patel). Governor Wathra in Pakistan is not only, not independent and unknown, but he's also treated like a lackey of the finance ministry and claims of the ForEx reserves increasing are taken as a matter of pride by the government and lower inflation is also used as a feather in their cap when in fact, it is supposed to be routine practice and under the domain of Governor Wathra. Central Bankers are apolitical people, not affiliated with any government or its institutions (including the finance ministry) and neither are they supposed to be answerable to anyone. Their policies must be outlined and clearly laid out in the public sphere; especially, relating to interest rates and inflation targets. Sadly, Pakistanis don't understand this and consequently, can never fix their economy.
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Nov 12, 2016 02:08am
My dear Senator, don't say this. There is a basement full of these notes with your leadership.
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Nov 12, 2016 02:21am
Ironically, his own name is in panama papers and he owns the most offshore companies along with his brothers.
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Nov 12, 2016 03:34am
Stupid senator it's not worth it instead build credible institutions to keep check on politcal elite and afsar shahi
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Nov 12, 2016 04:04am
Corruption is the root of Pakistani political parties
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Nov 12, 2016 04:31am
The major mega corruptions are done by elite politicians in US$, PPP should also call to ban $100 and $50 bills in Pakistan.
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Nov 12, 2016 06:45am
Why do you copy everything from india? Come with some innovative thinking.. if pakistan want some growth..
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Nov 12, 2016 07:20am
The main reason behind banning Rs 500 and Rs 1000 Bill was in India to stop circulation of huge amount of counterfeit bills.
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Nov 12, 2016 12:34pm
Senator who moved this bill n his family have highest number of offshore companies 34 named in the recent panama papers. He should first explain to the nation why 34 offshore companies n how much money is held in those companies. Practice what u preach.
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Nov 12, 2016 01:42pm
With debit cards, credit cards, cheque books and online transfer facility, we certainly do not need currency notes of big values.
Secondly, big value currency notes are believed to be facilitating hoarding of black money.
Therefore, I support the idea of demonetizing the big value currency notes.
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Nov 12, 2016 01:45pm
@Taiful - Does this confession of yours not reflect on governance there.
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Nov 12, 2016 02:03pm
@Rebirth - Rajan of Reserve Bank of India, because he dared to operate in the national interest, has already been kicked out by Moddi government. Therefore, it is a false and invalid example.
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Nov 12, 2016 02:56pm
It's part of Arthakranti Proposal which is an effective solution of Black Money Generation, Price rise and Inflation, Corruption, Fiscal Deficit, Unemployment, Ransom, GDP and industrial growth, terrorism and good governance.
What is in the Proposal ?
“Arthakranti Proposal has FIVE point of actions simultaneously.
(1) Scrap all 56 Taxes including income tax excluding import duty.
(2) Recall and scrap high denomination currencies of 1000, 500 and 100 rupees.
(3) All high value transaction to be made only through banking system like cheque, DD, online and electronic.
(4) Fix limit of cash transaction and no taxing on cash transaction.
(5) For Govt. revenue collection introduce single point tax system through banking system – Banking Transaction Tax (2% to 0.7%) on only Credit Amount
For more details; please visit below weblink: http://www.arthakranti.org/news-events/159-what-was-arthakranti-proposal-to-pm-narendra-modi
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Nov 12, 2016 03:08pm
by making resolution minister woke up black money walas.......... now they will send it outside the country thru unauthorised ways!!!
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Nov 12, 2016 04:30pm
It is not so easy to withdraw high denomination currencies. Determination, courage and top leadership qualities are must.
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Nov 12, 2016 04:46pm
What about his name in Panama Leaks?
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Nov 12, 2016 04:50pm
@BK
All it requires is honesty, honesty honesty, ...................honesty, and nothing else.
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Nov 12, 2016 04:53pm
@Rizwan
It is only an attempt to side track the issue, creating a perception about your righteousness.
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Nov 12, 2016 05:19pm
Before withdrawal of 1000 & 5000notes, give Public sometime to declear Black Money
say 30days OR 60days, after that only this type of steps you can take.
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Nov 12, 2016 05:34pm
We even have National Prize Bond to hoard black money.Pakistan is a haven for corruption and is one of the top country in the world in corruption ranking.Their is no match for our corrupt rulers.
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Nov 12, 2016 05:37pm
PPP will be the biggest looser as their corrupt politicians will suffer
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Nov 12, 2016 05:53pm
There has to be element of surprise. Initially the common public will suffer but in long run it will be beneficial.
Corruption and unaccounted wealth retards the national economy and should be fought rock,stock and barrel
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Nov 12, 2016 06:31pm
@Rizwan
It is just a crude attempt to side track the Panama Leaks issue and present this proposal to simply hoodwink the public that corruption will be eliminated through this step. The move is also intended to create a perception about his own righteousness, while he and his family own 34 off shore companies as indicated in the Panama Leaks.
Will any honorable member of Senate ask him to explain about the need to create these off shore companies while millions remain jobless here. Also, he should be questioned about the money trail that was used in the formation of these 34 off shore companies.
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Nov 12, 2016 06:37pm
@hem pant
The intention is very clear - consumption of the illiterate masses.
Such actions are never taken after a debate in the Parliament or the Senate. Did Modi discuss it in the Lok Sabha or the Rajya Sabha prior to taking action?
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Nov 12, 2016 06:42pm
Need to do as India did. Modi had done 8 Step process, before doing the surprise announcement in the night.
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Nov 12, 2016 06:42pm
@sam May be for this reason : With Rs 2000 denomination, the value can be balanced with minimum pieces of currency. Once it is stabilised, printing of Rs 2000 will be minimised and Rs 1000 gradually fills the coffer. It is for information that RBI has already announced that Rs 1000 will be issued in due course.
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Nov 12, 2016 06:52pm
The idea of the Senator is good. In fact, we don't need high denomination currency note of Rs.5,000 which is generally used for money laundering and illegal money hoarding. If any person is having a Rs.5000 note in his hand, it would be difficult to present to counter to make payment and get the balance from the counterman. Firstly, he will refuse to receive it. Yes of course, Rs.5000 currency note should be demonetized; but retain Rs.1000 currency note and Rs.500 currency notes and other smaller denomination notes.
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Nov 12, 2016 07:30pm
element of surprise is lost. won't be as effective
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Nov 12, 2016 08:19pm
The government should "not" announce in advance that large bills will be stopped ? This will give corrupt people time to change or use them. It should have been done without prior announcement, to catch crooks off guard.
Anyway, this is like using a sledge hammer to kill a fly. There are other ways to stop corruption, if the government has the will and commitment. Let it declare "zero tolerance" on corruption, with swift court decisions to punish any perpetrators.
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Nov 12, 2016 08:56pm
The better way would be to increase return on saving accounts. (By the way this move is not going too well in India. )
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Nov 12, 2016 10:55pm
Malik Riaz has been saying this for the last 10 years, thank you senator. Good try!!
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Nov 12, 2016 11:42pm
This does nothing to ppl who have money stashed in offshore bank accounts and companies.
For a one time thing they should make the current 5000 bill obsolete and come up with a new 5000Rs bill.. it will get a lot of people scampering to exchanges.
1000rs bill is nothing in Pakistan these days.. thats is 2 icecreams sundaes at Centaurs. No need to worry about those
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Nov 13, 2016 06:59am
@Rao You are right this works only if enacted as a surprise without giving enough time to the cash holders to convert cash into some other form and that's why the PPP Senator's submitting the resolution to withdraw the Rs 5000 and Rs 1000 currency notes is not going to help corruption but will rather help the cash holders by giving them time.
The State Bank of Pakistan should add more security features on the Currency Notes of highest denominations i.e., Rs 5000, Rs 1000 and Rs 500 to make them impossible to copy.
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Nov 13, 2016 07:02am
@Advocate in making you are absolutely right, another way of deceiving the people.
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Nov 13, 2016 08:54am
Late but a good step. Rs500 bill should also be de-monatised.
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Nov 13, 2016 10:30am
@Guest101 time will tell.
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