A proposal to discontinue the Rs 5,000 currency note has been presented in the Senate Standing Committee on Finance.

Senator Mohsin Aziz of the Pakistan Tehreek-e-Insaf (PTI) raised the proposal during the committee meeting, stating that the Federal Board of Revenue (FBR) is promoting a cash economy through the continued circulation of the high-value note.

In the same meeting, the standing committee approved an amendment to tax laws, which aims to restrict non-filers from operating current and savings accounts. Unregistered individuals will only be allowed to operate ‘Asaan Account’ bank accounts.

Senator Aziz emphasized that the FBR’s policies encourage a cash economy, while FBR Chairman clarified that 90 percent of the population would not be impacted by the new regulations.