The government is requested to outlaw the Rs. 5,000 note in order to reduce cash.

The Overseas Investors Chamber of Commerce and Industry (OICCI) has recommended that the government stop using the Rs 5,000 currency note in an effort to reduce cash transactions.

Included in their suggestions for the budget for the fiscal year 2024–2025 is this proposal.

Furthermore, the OICCI has suggested that obtaining a National Tax Number (NTN) be a requirement for opening bank accounts as well as for the purchase and sale of real estate and automobiles.

They also propose that club memberships and overseas travel should be contingent upon the possession of an NTN.

The chamber also suggests that income tax be levied on airline tickets and that withholding tax be applied to trip expenses.

The government will take these recommendations into account before determining how to handle the Rs5,000