The former head of the Federal Board of Revenue Syed Shabbar Zaidi suggests that government should go for demonetization of the Rs 5,000 currency note form July 2021.

Taking to Twitter, he said that the economy will be improved from the demonetization.

“5000 Rupee Notes. Demonetise from July 1, 2021. Announce two months earlier,” he said.

He believes that the opponents have no idea about abuse. He added that the move will cause the banking sector to prosper.

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5000 Rupee Notes. Demonetise from July 1, 2021. Announce two months earlier: transition. Opponents no idea about abuse. Vested interests. Economy will improve. Banking prosper. Bribery to be made difficult. Lockers holders to intimate if bullion held. Bullion trading monitored.

— SyedShabbarZaidi (@SShabbarZaidi) January 22, 2021

Demonetization is an act of stripping the currency unit of its status as legal tender. It happens whenever there is a change of national currency. The current form or forms of money is pulled from circulation. They are often replaced with new notes or coins.