Shabbar Zaidi discusses reasons why the Pakistani government should demonetize Rs. 5,000 note

The ex-Chairman of FBR also compared the maximum denomination of currency note of Pakistan with that of India and Bangladesh.

7
Ex-chairman Shabbar Zaidi discusses the demonization of Rs. 5000.

The Former Chairman Federal Board of Revenue (FBR), Shabbar Zaidi, recently took to Twitter to question the use of the Rs. 5000 banknote. Terming the rationale for the use of Rs. 5000 note as unjustifiable in his tweet, Shabbar Zaidi stated: 

My primary question? Why we have Rs. 5000? The original issue unjustified.

The ex-Chairman of FBR also compared the maximum denomination of currency note of Pakistan with that of India and Bangladesh. Stating that the maximum denomination of currency notes in India and Bangladesh is INR 1000 and BDT 1000, respectively, he said:

See the attached relationship with GDP. Maximum denomination in India is Rs. 1000. Why no Rs. 5000. Bangladesh 1000. Totally unjustified.

The former tax chief believes that using smaller currency units is more transparent and allows easy transaction documentation.

Rs. 5000 note should be demonized says Shabbar Zaidi.

It should be noted that Shabbar Zaidi suggested that the government demonetize the Rs. 5000 Banknote from July 2021, last month. However, the government didn’t respond to the ex-chairman’s recommendations, which led him to publish another tweet.

What are your thoughts on this? Please share with us in the comment section below.

  • How more stupid a country can be which allows these big notes. They facilitated currency smuggling. Show me a western country which has bigger note then 100.

  • This is nothing even when countries like Mexico or Zimbabwe had 100% inflation still they had smallest note in 100 denomination.


  • Featured Content⭐


    Most viewed in last 24 hours


    24 گھنٹوں کے دوران 🔥


    >