Former tax czar for demonetising Rs5,000 note to improve economy



Former chairman of Federal Board of Revenue (FBR) Syed Shabbar Zaidi has proposed the government to demonetise Rs5,000 note from July 2021, hoping the move will improve the economy.
Syed Shabbar Zaidi in a tweet said that the government should announce the plan two months in advance for a smooth transition period. He said that the opponents of demonetisation have no idea how Rs5,000 note is being abused, alleging that vested interests prevent a consideration of its benefits.
The former tax czar believes that the move will improve the economy and ensure that the banking sector prospers. He also said that by demonetising the denomination, 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. Earlier in the past, property tycoon Malik Riaz had proposed the government to demonetise currency notes worth Rs5,000 to end corruption.—TLTP

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