PESHAWAR: Sarhad Chamber of Commerce and Industry (SCCI) has asked the federal government and State Bank of Pakistan to demonetise the Rs5,000 currency note to combat corruption and boost national economy.

The demand was made by SCCI president Fuad Ishaq during an awareness session titled ‘Security features of currency note’. The session was jointly arranged by SCCI and State Bank of Pakistan here on Wednesday.

Mr Ishaq claimed that the Rs5,000 currency note was harmful for country and its nullification would discourage blackmailing and inflation. It would help to combat corruption as well, he added.

He asked SBP and commercial banks to facilitate traders as their role was important in the economic development of the country.

He expressed reservation over non-provision of correct information about circulation of Rs5,000 currency note in the market and in the banks. He said that SBP must provide information to traders about circulation of Rs5,000 currency note in the market.

Mr Ishaq said that Senator Mohsin Aziz presented a resolution in Senate, demanding nullification of Rs5,000 currency note. He added that the resolution was appreciated by business community.

In the better interest of the country and combating corruption, he said, SBP should immediately demonetise Rs5,000 currency note.

Earlier, the assistant chief manager of SBP, Mohammad Jamal, and the senior officer treasury of SBP, Touseeq Ahmad, through a multimedia presentation briefed the participants of the session regarding security features of various currency notes.

After holding sessions with commercial banks, Mr Jamal said, SBP started interaction with business community, educational institutions and other departments to create awareness among people about security features of currency notes and save them from financial losses.

Published in Dawn, February 22nd, 2024