Pakistan not withdrawing higher currency notes

Pakistan won't go the India way. It will not demonetise Rs 5,000 notes or withdraw Rs 40,000 prize bonds, the media reported on Tuesday.

Finance Minister Ishaq Dar said late Monday that rumours to this effect were baseless and "no such proposal is under consideration of the government", Dawn reported.

Haroon Akhtar Khan, Special Assistant to Prime Minister Nawaz Sharif, earlier on Monday said the proposal to discontinue the currency notes and prize bonds of the highest denomination was under consideration.

Some experts have said the prize bonds and Rs 5,000 notes were fuelling corruption and tax evasion.

Last week, a Pakistani MP called for a withdrawal of 1,000 and 5,000 rupee notes from circulation citing the example of India where 500 and 1,000 rupee notes have been axed.

--IANS

ahm/mr/sar