SCCI chief demands demonetization of Rs5000 currency note

PESHAWAR: Sarhad Chamber of Commerce and Industry president Fuad Ishaq demanded the government and State Bank of Pakistan to demonetize Rs5000 currency note to combat corruption and black mailing and boost the economy.

The SCCI chief made this demand during an awareness session on ‘Security Features of Currency Note’ jointly arranged by Sarhad Chamber of Commerce and Industry and State Bank of Pakistan Peshawar Office here the SCCI house on Wednesday.

Fuad Ishaq said Rs5000 currency note is harmful for the country and its nullification would discourage black mailing and combat corruption and inflation.

He asked SBP and commercial banks to facilitate the business community as its role is important in the economic development of the country.

The session was attended by senior vice president of the chamber Sanaullah Khan, executive members Haji Ghulam Hussain, Monawar Khurshid, Hamza Ibrahim Butt, and Aftab Iqbal, Rashid Iqbal Siddiqui, Haji Ihsanullah, Muhammad Aurangzeb, Mazharul Haq, Atif Rasheed Khawaja, Saddar Gul, Fazl e Wahid, and Ishtiaq Muhammad, traders, importers, exporters and industrialists.

Fuad Ishaq expressed reservation over non-provision of figures about circulation of Rs5000 currency note in market and in the bank and said that the business community, traders and industrialists have played a vital role in economic stability and providing employment to many people.

Therefore, he asserted it is essential that SBP must provide figures of Rs5000 currency note circulation in the market to the business community. 

During the session, he informed that senator Mohsin Aziz had presented a resolution in the Senate, demanding nullification of Rs5000 currency note, and the move was highly appreciated by the business community.

In the better interest of the country and combating corruption, he said SBP should immediately withdraw Rs5000 currency note.

Earlier, the SBP Assistant Chief Manager (Cash) Muhammad Jamal and Senior Officer Treasury Touseeq Ahmad through a multimedia presentation briefed the participants regarding security features of various currency notes.

Following holding sessions with commercial banks, Mr Jamal said SBP has started sessions with collaboration with chambers, educational institutions and other departments to create awareness about security features of currency notes and recognizing fake currency, meant to save people and the business community from huge financial loss.

As per laws, FIA and law enforcement agencies conducted actions and imposed fines against those people who were involved in printing of fake currency notes, SBP senior officials said.

They told the participants that the central bank took several initiatives to prevent the use of fake currency notes.