Question: Recently Pakistan’s Senate passed a resolution for the withdrawal of the country’s high denomination currency notes of Rs 5,000 from circulation in the country. The resolution was moved by-
(a) Fajurrhman
(b) Zahid Hamid
(c) Osman Saifullah Khan
(d) Sartaj Aziz
Ans: (c)
Related facts:
- On 19 December 2016; Pakistan’s Senate passed a resolution for the withdrawal of the country’s high denomination currency notes of Rs 5,000 from circulation in the country.
- This was done stop the flow of illicit money in the country and to halt money laundering.
- The Rs 5000 note will be withdrawn over a period of three to five years.
- Federal Minister for Law and Justice Senator Zahid Hamid said that such a huge number of currency notes cannot be pulled from circulation without causing monetary crises.
- He said that if such steps are taken, people will lose confidence in the Pakistani Rupee and will instead prefer foreign currency due to the steep drop in supply of local currency notes.
- The 5,000 rupee note accounts for almost one third of the 3.3 trillion rupees of notes in circulation in Pakistan.
Reference:
http://www.bbc.com/news/business-38377765
https://propakistani.pk/2016/12/19/senate-approves-resolution-demonitise-rs-5000-note/
http://www.ibtimes.co.in/demonetisation-pakistan-senate-passes-resolution-withdraw-rs-5000-notes-circulation-709182