The Overseas Investors Chamber of Commerce (OICCI) has proposed eliminating the Rs. 5,000 notes in an effort to discourage cash transactions as the fiscal year 2024–25 budget announcement approaches.
This suggestion was made by the body to the government in advance of the next budget. The formal date has not yet been announced, but the administration plans to submit the budget for the fiscal year 2024–25 on June 7.
The group, which is made up of 200 multinational corporations and advocates on behalf of foreign investors, also recommended that the national tax number (NTN) be required for opening bank accounts, buying and selling cars, selling pricey real estate, traveling abroad, and joining various clubs.
