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Exchange Companies Secretary Advocates for Retiring 5000 Rupee Note

According to a recent statement by Zafar Paracha, who is also serving as the Secretary of exchange companies in Pakistan, he talked about the importance of the 5000 rupee currency note in the country’s economy. He emphasized that at this time it is extremely necessary to address this issue right now and called it a ‘now or never’ situation.

The Significance of the 5000 Rupee Note

Parachar stressed the need to demonetize the 5000 rupees note by claiming that it could give a good return. He said that he is sure that shutting down this denomination might hurt them somewhere in losses, but overall its effect on transparency and corruption control for the financial system will be significant.

Obstacles to Implementation

Despite some historical instances in which certain notes were phased out or demonetized successfully, Paracha pointed out a tough road ahead due to the well-entrenched networks of smugglers and corrupt entities in Pakistan. These mafia elements are the biggest obstacle in retiring the 5000 rupee note which he believes is crucial for economic development and stability in Pakistan.

Addressing Corruption and Ensuring Transparency

Parachar said that if the 5000 rupee note is discontinued, it will disturb the illicit practices like money laundering and counterfeit currency in the economy. He believes that by removing a high-value denomination from the system they can reduce corrupt practices which will increase the financial integrity and security of the country.

Impact of Fake Currency Influx

Paracha mentioned that the trend of fake currency has been on an upward trajectory in recent years, and there is a need to see from this perspective as well.

Zafar Paracha’s talk highlights the key points about the future of high-value currency denominations in Pakistan. As the talks heated up on retiring 5000 rupees notes stakeholders must check carefully how much damage they can cause price on corruption front and promoting financial transparency in the country

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