The Overseas Investors Chamber of Commerce and Industry (OICCI) has suggested to the government that it should stop using the Rs5,000 currency note in order to reduce cash transactions. This proposal is part of their recommendations for the fiscal year 2024-25 budget.
In addition, the OICCI has proposed that having a National Tax Number (NTN) should be mandatory for opening bank accounts, as well as for buying and selling vehicles and properties. They also suggest that having an NTN should be required for foreign trips and memberships in clubs.
Furthermore, the chamber recommends that withholding tax should be applied to travel expenses and income tax should be charged on air tickets. The government will consider these suggestions before deciding what to do about the Rs5,000 banknote.
The federal budget, which is expected to be more than Rs17 trillion, is likely to be presented in Parliament on June 7 after getting approval from the federal cabinet in a special meeting.
