LAHORE: The business community of Pakistan has asked the federal government to ban Rs 5,000 currency notes in the country to discourage cash payments.
The Overseas Investors Chamber of Commerce and Industry has recommended this in its recommendations to the government for the budget for the upcoming financial year 2024–25.
It has also called for the National Tax Number (NTN) to be made mandatory for opening bank accounts and buying and selling vehicles and properties.
It further said that NTN should also be made mandatory for foreign trips and club memberships. The Overseas Chamber has also suggested a withholding tax on travel expenses and asked for an income tax on air tickets.
The government will decide to demonetize Rs 5,000 notes after reviewing all aspects.
Read more: Telenor leaving Pakistan due to significant business challenges, says CEO Brekke
The federal government is likely to present a budget of 17 trillion rupees on June 7.
The federal budget for the financial year 2024–25, totaling over Rs 17 trillion, is likely to be tabled in Parliament on June 7. Approval will be taken in a special meeting of the Federal Cabinet scheduled before presenting the budget in Parliament.
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