Shabbar Zaidi, Rs 5000 note, Pakistan

Pakistan govt advised to demonetize Rs5,000 note to curb bribery

Former Federal Board of Revenue chairman Shabbar Zaidi believes that the government should go for the demonetization of the Rs5,000 note from July onwards.

“5000 Rupee Notes. Demonetise from July 1, 2021. Announce two months earlier” said Zaidi in a tweet on Friday.

The accountant said that in order to go through with the demonitisation the government should announce a “transition” period so that the plan goes smoothly.

Zaidi believes that those against demonetization have “no idea about abuse” and claimed that vested interests doe not let the benefits of the move come forward.

The former tax czar believes that the demonitzation will improve the economy and help the banking sector.

He also claimed that by demonetising the Rs5,000 note, bribery will become difficult.

He also suggested that those hoarding gold in lockers should have to inform the government if bullion is being held and the government should also monitor bullion trading.

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