- Shabbir Zaidi believes that the government should reduce the Rs 5,000 note two months before doing so and announce a reduction plan.
- Zaidi believes the move will improve the documentation of the economy and ensure the promotion of banking.
- The former chairman of the FBR is of the view that denomination will also make bribery difficult
Syed Shabbir Zaidi, former head of the Federal Board of Revenue and a respected accountant, has suggested that the government should clear Rs 5,000 notes from July 2021.
“Rs 5,000 note. Demonstrate from July 1, 2021. Announce two months in advance,” Zaidi said in a tweet on Friday.
The former FBR chief said the government should have already announced plans for the “transition” period.
Zaidi believes that opponents of the money laundering have “no idea about the abuse” and accuses personal interests of carefully curtailing its benefits.
The former Tsar believes the move will improve the economy and ensure a prosperous banking system.
He also said that eradicating sectarianism would make it difficult to take bribes.
He also suggested that those who hoard gold in lockers should inform the government if the bullion is taking place and the government should also monitor the bullion trading.
What is notation?
According to the website Enosopedia, denomination is the act of removing a currency unit from its status as a legal tender.
“Whenever there is a change in the national currency: the current form or form of money is withdrawn from circulation and retires, often it is exchanged for new notes or coins. Sometimes, a country Replaces the old currency with a new one, “explains the website.
In this case, it simply means that the Rs. 1,000 note should cease to exist and retain its value.
However, the move is being seen as a drastic intervention as it directly affects the “means of exchange used in all economic transactions”.
But economists believe the move could help stabilize the country’s current problems, and warn that if it is taken too suddenly, it could lead to chaos.
The most recent country to carry our backwardness was India. In 2016, it was dematerialized by the Narendra Modi-led government.
The BJP-led government had ordered the withdrawal of Rs 500 and Rs 1,000 notes from circulation to tackle rampant corruption and tax evasion.
New Delhi has ruled that when people can exchange their old notes for new bills at banks or post offices by the end of the year, or deposit them in their accounts, it will not be a legal tender from midnight on November 8, 2016. Will stay
Modi had said in a televised address, “To break the grip of corruption and black money, we have decided to ban the currently used Rs 500 and Rs 1,000 currency notes from midnight on November 8, 2016.” “There will be no legal tender now.” Nation.