Abolish Rs5,000 notes, the investment body told the government Achi-News

• The 2024-25 Budget is likely to be published in the first 10 days of June.
• A body of 200 international companies, OICCI represents foreign investors.
• OICCI suggests making NTN mandatory for bank account holders.
  

As the announcement of the budget for the financial year 2024-25 approaches, the Overseas Investors Chamber of Commerce (OICCI) has suggested scrapping Rs5,000 notes to curb cash transactions.

This was one of the recommendations given by the body to the government before the upcoming budget. The government plans to present the budget for the 2024-25 financial year on June 7, but an official date has not yet been announced.

The body, which includes 200 international companies representing foreign investors, also suggested making the national tax number (NTN) mandatory for bank accounts, selling and buying cars, selling expensive properties, those who travel abroad or acquire membership in different clubs. .

Furthermore, OICCI suggested setting up a Federal Board of Revenue (FBR) wing for investigating assets and sources of income that do not match the requirements of the non-filers, and removing the exemption given to the pensioners.

The OICCI also suggested collecting income tax on all air tickets and imposing withholding taxes on hotel travel expenses.

It may be noted that calls to end the Rs5,000 currency notes have been made in the past as Pakistan Tehreek-e-Insaf (PTI) senator Mohsin Aziz had moved a resolution in the Upper House of Parliament seeking a ban on the highest denomination. Pakistani currency to end the “corruption and rein in inflation” last year.

Earlier in September 2023, former FBR chief Shabbar Zaidi insisted that demonetisation of Rs5,000 notes and curbs on the physical movement of dollars were key to curbing the country’s cash economy.

Zaidi opined that currency circulation is very high in Pakistan and the Rs5,000 note provides convenience in the cash economy, adding that people have kept wealth in their lockers in dollars and Rs5,000 notes, that they should be banned.