Finance Minister Aurangzeb says Govt should approve Deposit Protection Amend Bill before Oct 2024

 Finance Minister Muhammad Aurangzeb has said that government should approve Deposit Protection Amendment’s bill as it was one of the conditions of IMF for loan programme, reported 24NewsHD TV channel.

Addressing Senate Standing Committee on Finance meeting, Finance Minister said that this bill must be approved before October 2024. He said on the advice of NA committee, Deposit Protection Amendment Bill will be presented before the parliament during next week.

Senate Standing Committee members Mohsin Aziz said that Rs5000 currency note was main cause of corruption and other issue in the country. He demanded that this Rs5000 note should be abolished.

State Bank of Pakistan Governor Jameel Ahmad said that there was no such suggestion to stop this currency note. He said many suggestions came for this note’s closure but none was accepted.

State Bank of Pakistan chief said that it was the duty of the law enforcement agencies to stop its misuse.

State Bank of Pakistan chief said that in order to bring plastic notes, approval from federal cabinet will be mandatory. Moreover, central bank will first review plastic currency’s age, its cost and durability and security features.

Governor State Bank said central bank will initially introduce one note in plastic currency. He said if this note appeared durable with long terms security features, then central bank will introduce it.