citizens are divided on this issue and some are supporting the move but others are opposing it. Even the whole world is closely watching the after effects of demonetization. Irrespective of all these things several countries are trying to emulate what Indian Government did. Yes… it’s true. Venezuela has already demonetized the higher denomination notes which has resulted in chaos now.
Australia also trying to demonetize higher denomination currency. Apart from these countries, Pakistan is in the process of demonetizing the highest denomination currency note of Rs. 5000. Pakistan Muslim League senator Usman Saif Ulla Khan tabled a resolution on this in the senate on Monday(December 19). Majority of the senators supported the resolution. They opined demonetization of 5000 rupee note will curb the unaccounted money.
There are 3.4 lakh crores of currency in the circulation in Pakistan. Out of those 3.4 lakh crore, 1.02 lakh crore currency is of 5000 rupee notes. Senate members opined that these 5000 rupee notes should be recalled in a period of five years so that the economy would not be disturbed. It seems Pakistan is following Modi on demonetization but learning lessons from his experiment.