Follow Us on Google News
LAHORE: In a bid to deter cash transactions, the Overseas Investors Chamber of Commerce and Industry (OICCI) has urged the Pakistani government to cease circulation of the Rs. 5,000 currency note.
This recommendation was included in the chamber’s proposals to the government for the upcoming fiscal year 2024–2025 budget.
Moreover, they have insisted on mandating the National Tax Number (NTN) for opening bank accounts, as well as for purchasing and selling automobiles and real estate. They emphasized that NTN should also be obligatory for international travel and club memberships. Additionally, the overseas chamber has suggested implementing withholding tax on travel expenses and imposing income tax on airfare.
The decision regarding discontinuation of the Rs. 5,000 banknote will be made by the government after a comprehensive review of all aspects.
It is anticipated that the federal government will present a budget exceeding Rs. 17 trillion on June 7th. The approval process will involve a special meeting of the federal cabinet before the budget is presented in Parliament.