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Corruption Rampant in the Country: New Measures to Tackle Money Laundering

ByIzhar Ul Haq

Jun 12, 2024 #5000-rupee note, #ban, #corruption, #country, #money laundering, #new measures, #rampant
New measures to tackle corruption rampant in the countryAuthorities discuss new measures to combat corruption and money laundering, including a potential ban on the 5000-rupee note.
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Corruption Rampant in the Country: New Measures to Tackle Money Laundering

The country is grappling with rampant corruption, with money laundering and illicit money transfers being major concerns. Recently, authorities have been discussing new plans to curb these issues. One significant proposal includes imposing a ban on the circulation of the 5000-rupee note. This step aims to prevent the misuse of high-denomination currency for illegal activities.

 

 

 

Efforts to Prevent Money Theft and Tackle Corruption Rampant in the Country

In efforts to tackle the problem of money theft, authorities are focusing on new strategies. This includes stringent measures to monitor large sums of money, especially those circulating without proper records. For instance, the Pakistani currency equivalent of ₹5000000 is often unaccounted for, raising concerns about its potential misuse .

 

 

 

Addressing Currency Misuse

One of the major issues highlighted is the use of high-denomination notes in the open market for purchasing dollars. This practice is not only prevalent but also extends to cross-border smuggling, particularly in Afghanistan. Experts believe that such large notes are often used to facilitate illegal trade and smuggling activities that are rampant corruption.

 

 

 

The Role of Demonetization

Experts also suggest that demonetization could play a crucial role in controlling inflation. By withdrawing high-denomination notes from circulation, it would become difficult for illegal traders to carry out large-scale transactions. This could potentially lead to a reduction in black market activities and help stabilize the economy and protect it from corruption rampant.

 

By Izhar Ul Haq

Izhar Ul Haq is a professional blogger and WordPress management expert. He is known for his expertise in various categories of blogging, with a special focus on politics. As an administrator at Paktrendline, Izhar Ul Haq ensures a smooth and engaging experience for readers interested in politics and current affairs.

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