Will ban of Rs5000 note help tackle widespread corruption, tax evasion?

Banning Rs5000 currency note in Pakistan has been the most discussed debate to avoid bankruptcy and help improve the economy and banking sector. The ban will also help end bribery in the country.

However, in this regard, renowned business tycoon Aqeel Karim Dhedhi highlighted his views over banning Rs5000 note.

In a detailed discussion in BOL News’ talk-show Abb Baat Hogi with Faysal Aziz Khan, Aqeel Karim said that instead of banning, the government should focus on improving the corrupt system of Pakistan.

He further added that the Federal Board of Revenue (FBR) should take immediate steps to end corruption and bribery rather than banning the currency note.

The business tycoon said that there is no such thing that corruption only stands with the higher currency, it all depends over the corrupt system.

Further in his discussion with the host, Aqeel Karim asked whether Pakistan plans to work in Dollars or Euros or the business community would face challenges with the currency loss.

Somehow the move can help stabilize Pakistan’s existing problems but if the move is taken suddenly then it can also lead to chaos, he added more.

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Earlier, former FBR chairman Shabbar Zaidi believes that the government should go for the demonetization of the Rs5000 note from July onwards.

“5000 Rupee Notes. Demonetize from July 1, 2021. Announce two months earlier,” said Zaidi in a tweet. The accountant said that in order to go through with the demonetization the government should announce a “transition” period so that the plan goes smoothly.

He had 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.

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