Former head of the Federal Board of Revenue and respected accountant SyedShabbar Zaidi has suggested that the government should go fordemonetization of the Rs5,000 note from July 2021.

“5000 Rupee Notes. Demonetise from July 1, 2021. Announce two monthsearlier” said Zaidi in a tweet on Friday.

The former FBR chief said that the government should announce the plan inadvance for a smooth “transition” period.

Zaidi believes that the opponents of demonetization have “no idea aboutabuse” and alleged that vested interests prevent a consideration of itsbenefits.

The former tax czar believes that the move will improve the economy andensure that banking prospers.

He also said that by demonetising the denomination, bribery will becomedifficult.

He also suggested that those hoarding gold in lockers should have to informthe government if bullion is being held and the government should alsomonitor bullion trading.