Pakistani media hails Narendra Modi’s ban on Rs 500 and Rs 1,000 notes

Karachi, November 11: The Pakistani media has hailed Prime Minister Narendra Modi’s ban on old Rs 500 and Rs 1,000 notes aimed at curbing black money and fake currency in India, though the move has been slammed by the opposition parties.

Citing India as an example for scrapping high-denomination notes, a Pakistani lawmaker has submitted a resolution in the Pakistani Senate, asking the government to withdraw Rs 1,000 and Rs 5,000 notes from circulation to combat black money and corruption in the country.

Opposition Pakistan Peoples Party Senator Osman Saifullah Khan, addressing a standing committee on finance, said high denomination notes raise the possibility of money laundering and corruption.

Referring to India as an example, he added that the world over such notes were being discouraged. India has demonetised Rs 500 and 1,000 notes, making these notes invalid in a major assault on black money, fake currency and corruption.

Khan added that the issue of withdrawal of currency notes should be taken up with the Ministry of Finance and the Central Bank.

The decisive move by the Prime Minister against corruption, black money, fake currency and terror financing has been hailed by many as a bold one.

Union Home Minister Rajnath Singh had termed the scrapping of Rs 500 and Rs 1,000 notes as an “attack on terrorism”, adding it has got Pakistan “worried”.

Watch the reaction of the Pakistani media here: