Economic expert and former Chairman of the Federal Board of Revenue (FBR),Shabbar Zaidi, has demanded the withdrawal of 5,000 rupee notes, closure ofmoney exchange shops, and discontinuation of gas connections in affluentareas.
Zaidi stated that the 5,000 rupee notes should be withdrawn and announcedthat these notes should be collected in banks. He suggested declaring thatthe 5,000 rupee notes can only be deposited in banks to prevent anyhoarding. During an interview on Geo News, Shabbar Zaidi highlighted thehigh currency circulation in Pakistan and how the 5,000 rupee notes make iteasier for economic activities.
He emphasized that people have kept their wealth in dollars and 5,000 rupeenotes in their homes and lockers. Banning the 5,000 rupee note and physicalmovement of dollars will be challenging. It is mentioned that any personfound with a large amount of cash in Pakistan should be arrested until thesource of those funds is verified.
Encouraging the collection of 5,000 rupee notes in banks may not bewelcomed by everyone. In India, the sudden discontinuation of the 2,000rupee note had consequences, so it may require time and consideration toimplement such a change in Pakistan.
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The Ministry of Finance has stated that no policy decision or action hasbeen taken regarding the restriction of 5,000 rupee currency notes with aface value of 5,000 rupees
