ISLAMABAD: A proposal to ban Rs5,000 currency notes was raised in the meeting of the Senate Standing Committee on Finance.
According to media reports, the meeting of the Standing Committee on Finance was held under the chairmanship of Saleem Mandviwalla, during which the Tax Laws Amendment Bill 2024 was considered, and some provisions were also approved.
The meeting approved a provision requiring tax auditors and experts to keep taxpayer data confidential, prohibiting non-filers from purchasing vehicles, opening bank accounts, and buying shares, as well as prohibiting the purchase and sale of property by non-filers.
It also approved sharing data of high-risk individuals with banks. The Senate Standing Committee on Finance approved the Tax Laws Amendment Bill 2024.
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During the meeting, the FBR Chairman stated that these individuals will have to clarify their financial eligibility before buying vehicles and property, while also stating their source of income in their returns.
Meanwhile, Senator Mohsin Aziz said that the FBR is promoting a cash economy under this law. He suggested that the Rs 5,000 note be banned. However, the FBR Chairman clarified that 90 percent of the people will not suffer any loss from the said bill.
