Thursday, June 20, 2024
Thursday, June 20, 2024
HomeBusinessOICCI Recommends Phasing Out Rs5,000 Note for 2024-25 Budget

OICCI Recommends Phasing Out Rs5,000 Note for 2024-25 Budget

The Overseas Investors Chamber of Commerce and Industry (OICCI) has suggested that the government stop using the Rs5,000 currency note to reduce cash transactions. This idea is part of their recommendations for the 2024-25 budget.

The OICCI also suggests making the National Tax Number (NTN) necessary for opening bank accounts and for buying and selling vehicles and properties. They also want the NTN required for foreign trips and club memberships.

Additionally, the chamber recommends a withholding tax on travel expenses and an income tax on air tickets. The government will look at these suggestions before deciding about the Rs5,000 banknote.

The federal budget, expected to be more than Rs17 trillion, will probably be presented in Parliament on June 7, after the federal cabinet approves it in a special meeting.

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