The Rs. 5000 note must be removed from the monetary system of Sri Lanka, former Minister Vasudeva Nanayakkara said in Parliament on Friday (10).

MP Nanayakkara said this must be implemented as a measure to help mitigate the black currency in the country. 

“Large sum of money to be collected as income tax by state institutions is being disregarded. This is due to a large black market consisting of a large sum of black currency operating in the country,” he revealed.

MP Vasudeva Nanayakkara said that similar to India, Sri Lanka too must remove the Rs. 5000 note from its currency, which will result in all the hidden Rs. 5000 notes being revealed. 

This move alone will help the government collect the necessary income tax, he opined. (NewsWire)

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