Launch of Rs 5000 and 20000 currency notes

CBPian · 01-09-2005, 09:42 AM

As you must have heard, SBP had decided to launch five and twenty thousand rupees currency notes.
Regardless of the reasons given by SBP/ GoP, its clear that it will encourage further non-documentation of economy and encourage black market. It is really hard to understand that we still have so much cash economy and it is encouraged...
it just reminds me of PIA... if you have bought tickets from outside pakistan... they demand cash .. STRICTLY NO CREDIT CARDS. <img src=icon_smile_big.gif border=0 align=middle><img src=icon_smile_big.gif border=0 align=middle>

Edited by - CBPian on Jan 09 2005 044334 AM

derivativetrader · 01-09-2005, 09:58 AM

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Which other economy has such notes - Turkey!! <img src=icon_smile_big.gif border=0 align=middle><img src=icon_smile_big.gif border=0 align=middle>

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Apocalypse · 01-10-2005, 03:13 AM

There will be no Rs.20,000 currency note.

SBP has announced to launched notes of Rs.20, Rs.5,000.

Replace the current notes of Rs.1,000 with a better material (because there are huge amounts of fake notes in rolling)

and as you all know Rs.5 notes will not be in function after June,31 2005. Coins of Rs.5 will be its replacement

jbladeus · 01-11-2005, 02:29 AM

Yeah... will most certainly encourage corruption at lower levels. Those who used to ask for a thousand rupee note under the table will now ask for the 5,000 one.

If i am not mistaken Apocalypse, from June 31, the ten rupee note will also be extinct and a 10 Rs. coin will take its place.

________________________
Arrrgh... it sure's gonna be mighty rough sailin' today ... mates!

maani · 01-11-2005, 07:05 PM

"Yeah... will most certainly encourage corruption at lower levels."

Explain it plz....

Ace

derivativetrader · 01-11-2005, 07:18 PM

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"Yeah... will most certainly encourage corruption at lower levels."

Explain it plz....

Ace
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I think Guybrush did "Those who used to ask for a thousand rupee note under the table will now ask for the 5,000 one."

Apocalypse · 01-11-2005, 09:06 PM

I heard interesting news yesterday(in Bank al habib)

The manager says"Rs. 5 note will continue in rolling alongwith Rs.5 coin--Circular from SBP"

sohana · 01-12-2005, 12:54 AM

its good
it will be easy to chori big amount in ist attempt
easy to hide

yasirpervaiz · 01-12-2005, 04:50 AM

Assalam o Alaikum guyz !!!
Hey wats wrong widda gov .... donn u guyz think it woulda provoke and instigate feurious Inflationry reactions in the economy......and would ultimately affect the purchasing power of the consumers by reducing & restricting it ??? Is tht Fair & Fruitesome.....

AvgJoe · 01-12-2005, 10:14 PM

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Assalam o Alaikum guyz !!!
Hey wats wrong widda gov .... donn u guyz think it woulda provoke and instigate feurious Inflationry reactions in the economy......and would ultimately affect the purchasing power of the consumers by reducing & restricting it ??? Is tht Fair & Fruitesome.....

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Well, I myself have personal reservations about the issue of Rs. 5000 notes & Rs.20000 notes. It might lead to speculative inflationary pressures. But well we only have limited economic knowledge. Perhaps the govt. has some objectives which we cannot see as yet or there might always be foreign interence (IMF).

I dont think that the Rs. 5000 notes or Rs. 20000 notes have any practicle use for masses yet. Inspite of the inflation, when u offer a shop keeper a Rs. 1000 note he behaves as if u are offering him a peice of rock! Most shop keepers refuse to offer change of Rs. 1000 even if u are buying goods worth Rs. 600. Perhaps the govt should concentrate more on improving the current Rs. 1000 note & add more security features so that the masses have some confidence in using it. But I guess the issue might be of some use to businesses dealing in large cash transactions.

derivativetrader · 01-12-2005, 10:31 PM

The biggest Pound Sterling note is only Â£50, whereas now Pakistan is considering printing upto Rs. 20k worth of notes. <img src=icon_smile_big.gif border=0 align=middle><img src=icon_smile_big.gif border=0 align=middle><img src=icon_smile_big.gif border=0 align=middle><img src=icon_smile_big.gif border=0 align=middle>

DT

AvgJoe · 01-13-2005, 05:55 AM

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The biggest Pound Sterling note is only Â£50, whereas now Pakistan is considering printing upto Rs. 20k worth of notes. <img src=icon_smile_big.gif border=0 align=middle><img src=icon_smile_big.gif border=0 align=middle><img src=icon_smile_big.gif border=0 align=middle><img src=icon_smile_big.gif border=0 align=middle>

DT

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Well, I guess that might be an explanation for the issue of the Rs. 5000 notes! Coz Â£50 is roughly equal to Rs. 5000 over here (with a exchange rate of Rs.100), so the govt of pakistan might be trying to keep up with the UK. <img src=icon_smile_big.gif border=0 align=middle>

However, I cant understand the need for Rs. 20000 notes. We already have checks, travellers cheques, and those Rs.100000 "notes" (or whatever they call them, I seem to have forgotten. Can anyone remind me plz?)

Apocalypse · 01-13-2005, 06:59 AM

I have told this before too the statement was that the government of pakistan will launch 20 and 5thousand notes, that means that a 20 rupee note and a 5000 rupee note, but most of the people have misinterpreted it.

sohana · 01-13-2005, 09:37 PM

why we r making comments here is no advantage to talk weather it is good or bad