Introduction of Rs 5,000 and Rs 20 currency notes hailed

Business community has in general welcomed the government's decision to introduce currency notes of Rs 5,000 and Rs 20 denominations, terming it a sagacious step.
With its introduction, Pakistan will become the first country in the South Asian region to have a note of a denomination as high as Rs 5,000, as the currency range of India, Bangladesh and Sri Lanka is either up to 1,000 or 500.
"This is a good decision as it will help businessmen conduct hassle-free transactions," said a textile miller and Pakistan Chapter of Young Entrepreneurs Organisation (YEO) President S.M. Tanveer.
He also appreciated the decision to introduce a Rs 20 note, saying it would increase the range of Pakistani currency notes in the interest of the general public.
The Federal cabinet, at its recent meeting, had also decided to re-design the Rs 50 and Rs 1,000 notes, while the notes currently in circulation would be phased out in three to five years.
Lahore Chamber of Commerce and Industry's (LCCI) executive committee member Sheikh Aftab Vohra while commending the decision said the new notes, containing latest security features and better and bold lettering, would help stop the circulation of fake currency.
He opined the state of art technology, to be used for the printing of the new currency, should also be used for the existing denominations.
Pakistan Poultry Association (PPA) former chairman Abdul Basit said that while introducing notes of higher denominations, the government should also take care of the old, soiled and bandaged currency notes as, while in circulation, those notes were a source of dismay and even discord among the people, especially businessmen.
He said the introduction of Rs 5,000 currency note was a welcome decision as it would be convenient for businessmen and traders to make payment in notes of higher denomination instead of dealing with a lot of paper money of low denomination.
Pakistan's existing range of currency notes comprises Rs five, Rs 10, Rs 50, Rs 100, Rs 500 and Rs 1,000. Notes of Re. one and Rs two have been replaced by coins while the Rs five note will be completely phased out by June 30 next, giving way to a Rs five coin.