ISLAMABAD: The Finance Ministry on Monday clarified that the Rs 5,000 note was not being pulled from circulation and reports pertaining to this were baseless.
The ministry stated that last year 17 per cent of the currency was comprised of Rs 5,000 notes and stopping its circulation would create problems for the business community.
Last week, the Senate passed a resolution calling on the government to withdraw Rs 5,000 note from circulation.
The resolution — moved by Senator Osman Saifullah Khan of the opposition Pakistan People Party, was strongly opposed by members of the government.
The resolution called on the government to demonetise the high denomination bank notes “in order to reduce illicit money flow, encourage the use of bank accounts and reduce the size of undocumented economy”.