Shabbar Zaidi Suggests Govt To End Rs5000 Currency Note

The former FBR Chairman says that demonetization will help in making bribery difficult and will help the government grow economy.

KARACHI: (UrduPoint/UrduPoint / Pakistan Point News-Jan 23^rd, 2021) Former Federal board of Revenue (FBR) Chairman Shabbar Rizvi suggested the federal government for demonetization of Rs 5000 note from July onwards.

Taking to twitter, Shabbar Rizvi said: “ 5000 Rupee Notes. Demonetise from July 1, 2021. Announce two months earlier,”.

Shabbar Zaidi said that all those people who were against demonization in-fact had no idea about abuse, pointing out that vested interests did not benefit of the move come forward.

Demonetisation is the act of stripping a Currency unit of its status as legal tender.

He said that the economy would grow if the government acted upon his advice for demonization of Rs5000 and would also be helpful for banking sector.

Zaidi believed that demonetization of Rs5000 would also make bribery difficult. He also advised the government to monitor bullion trading and the people who had hoarding gold in lockers should have to inform the government if bullion was being held.